Group Term Life Insurance in lieu of EDLI (version-1) (UIN – 128N040V01)
SHRIRAM GROUP TERM LIFE INSURANCE PLAN(DISCONTINUED / WITHDRAWN PLAN)
Shriram Group Term Life Insurance (UIN-128N042V01)is a One Year Renewable Group Term Assurance plan that offers the options of lump sum death benefits or monthly income benefits in the event of death of a member Shriram Group Term Life Insurance is an affordable, easy-to-obtain financial security net for you and your loved ones. It pays a lump sum payment in case of unfortunate death helping your family to reduce their debts.
KEY FEATURES
Insurance coverage under EDLI from EPFO is linked to an employee’s Average Provident Fund balance & total service prior to death.
Maximum insurance benefit is capped at Rs.1,30,000 only.
Employer has to contribute @ 0.51% of the salary towards EDLI coverage.
KEY BENEFITS
Member Benefits
Benefits to the Members of The Group
- Sum assured will be paid to the nominee in the event of untimely death of the member.
- Premium paid by the employer is not treated as a prequisite to the employee./span>
- Claim payments are tax free.
Employer Benefits
Benefits to the Employer
- Premium paid by the employer can be treatedas a business expense.
- Easy to set up and administer.
- Able to offer Higher insurance cover than that offered by EDLI irrespective of Employees’ salary and service.
ELIGIBILITY
| ENTRY AGE | Minimum:14 Years Maximum:75 Years (Age last birthday) |
|---|---|
| MATURITY AGE | Minimum:18 Years Maximum:55 Years (Age last birthday) |
| POLICY TERM | 5/10/15 Years |
| PREMIUM PAYING TERM | Single |
| PREMIUM | Minimum:Rs.25,000 Maximum:No Limit subject to underwriting considerations as per Board approved underwriting policy |
| MINIMUM SUM ASSURED | Rs.25,000 Premiums will be in multiples of Rs.1000/-. Premiums are exclusive of service tax and education cess. |
RIDERS (ADD ONS)
| Name | Description |
|---|---|
| No riders available. |