Shriram Group Term Life Insurance in lieu of EDLI(Discontinued / Withdrawn Plan)
Shriram Group Term Life Insurance (UIN: 128N040V01) is a better alternative to provide more life insurance benefit to all employees irrespective of their PF balances, salary level and service. In particular, premiums may be lower than the contributions made by the employer towards EDLI when the employee’s salary is high and the group is young. A single Master Policy Issued to the employer provides Life Insurance Benefit for all employees.
The plan offers a uniform amount of coverage that can be chosen by the employer starting at a minimum level of Rs.1,32,000. The employer can also offer differential benefits. The basic Life cover can also be enhanced by adding Accident Benefit Rider.
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.
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.
- Claim payments are tax free.
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.
Cover Ceasing Age
Minimum Group Size
Nature of Scheme
Rs. 1.32 Lakhs
Rs. 5 Lakhs
Click this link to calculate you premium.
RIDERS (Add Ons)
No riders available.
For more details on the risk factors, terms and conditions please read the sales brochure and/or sample policy document on our website carefully and/or consult our advisor.
Tax benefits are subject to change as per tax laws. Please consult your tax consultant on tax benefits.
Read the policy document here