Shriram Life Group Term Life Insurance in lieu of EDLI offers more life insurance benefit to all your employees. The PF balance, salary level and service of the employees do not affect the returns that they get. The policy holder will have a single Master Policy Issued to him/ her which provides Life Insurance Benefit for all employees. In case of the unfortunate demise of an employee, the policy will provide a lump sum payment.
Eligibility Conditions of Shriram Life Group Term Life Insurance in lieu of EDLI:
| Criteria | Eligibility |
| Minimum age at entry | 14 years (age as of last birthday) |
| Maximum age at entry | 74 years (age as of last birthday) |
| Minimum Sum Assured | Rs.3,62,000/- |
| Maximum Sum Assured | Rs.15,00,000/- |
| Minimum Group Size | 20 Members |
Key Features of Shriram Life Group Term Life Insurance in lieu of EDLI:
| Plan basis | Group | ||||||||||
| Grace period | The grace period varies depending on the modes:
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| Free look period | 15 days | ||||||||||
| Revivals | By the end of the grace period, if the renewal premium is not paid, the policy will lapse. If the policy has lapsed, it can be revived within the policy term of one year by paying the premium. The policy holder must also fulfil any other criteria that the company has for revival. Â | ||||||||||
| Renewing the policy | On the annual renewal date the policy can be renewed. This is subject to receipt of the premium informed by the SLIC based on the existing data. | ||||||||||
| Cover ceasing Age | 75 years (age as of last birthday) | ||||||||||
| Term | One Year(Renewable annually) | ||||||||||
| Nature of Scheme | Statutory | ||||||||||
| Premium pay mode | Yearly, Half Yearly, Quarterly or Monthly | ||||||||||
| Premium rate | Premium rate will be determined on the basis of factors such as Industry to which the group belongs to and other factors which may determine the group risk. |
Benefits of Shriram Life Group Term Life Insurance in lieu of EDLI:
Benefits to the Members of the Group:
- In the event of unfortunate death of the member, sum assured will be paid to the nominee.
- Claim payments are tax free.
- Premium paid by the employer is not treated as a perquisite to the employee.
Benefits to the Employer:
- Easy to set up as well as administer.
- Irrespective of Employees' salary and service, you will be able to offer a higher insurance cover
- EDLI Premium paid by the employer can be treated as a business expense.
Riders
You can choose to pay extra for a rider that the Shriram Life Insurance policy offers; Accident Benefit Rider. This will protect the employee more and offer added benefits.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
