Shriram Life Term Life Insurance in lieu of EDLI

Shriram Group Term Life Insurance in Lieu of EDLI Plan

Shriram Group Term Life Insurance in lieu of EDLI is a plan specifically designed for employer-employee groups where employers are mandated to provide life insurance coverage to employees linked to their Provident Fund Account under the Employee’s Deposit Linked Scheme. The plan enables employers to provide more than sufficient cover to employees without worrying about the balance in Provident Fund accounts or years of service.

Key Features

It is a yearly renewable plan

Employer-employee groups can avail of the plan.

A master policy held by the group’s head is issued, covering the members for a pre-determined amount.

The minimum coverage is Rs.132,000, thereby covering the mandated limit of Rs.130,000.

Any member can be covered, if he/she is an employee and member of the Employee Provident Fund Scheme.

Product Specification:

Minimum

Maximum

Entry Age (Last Birthday)

14 years

75 years

Maturity Age (Last Birthday)

76 years

Size of the group

20 members

No limit

Premium Payment Frequency

Annual, half-yearly, quarterly, monthly

Sum Assured

132,000

500,000

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Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other methods.

Policy Termination or Surrender Benefit: the policy cannot be surrendered.

Free Look Period: If you would not be pleased with the coverage and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.