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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.

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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.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Benefits

The nominee gets the Sum Assured on the death of the policyholder during the term of the plan.
Income tax benefit on the premium paid by the employer as per Section 37 and on the claims received as per Section 10(10D) of the Income Tax Act.

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₹1 CRORE

Term Plan Starting @

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⁺Standard T&C Applied

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

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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.

Additional Features or Riders

For increased protection, one can add a rider benefit to his/her base group term insurance plan by paying an additional premium. The rider benefit available for the Shriram Group Term Life Insurance plan is:

Accident Benefit Rider.

Documents Required

The policyholder has to fill up a Master Proposal form and submit the employees’ date, copy of the scheme rules, and proposal form.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

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