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  • Shriram Life Group Term Life Insurance in lieu of EDLI Plan

    Shriram Life Insurance

    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:
    Premium Payment Frequency Grace period in days
    Yearly No grace period as this is a OYRGT plan
    Half yearly 30
    Quarterly 30
    Monthly 15
    The death benefit is payable after deducting the premium due, in case the death occurs during this period. Life cover will be active during the grace period.
    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.  
    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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