Shriram Life Group Term Life Insurance In Lieu of EDLI

Shriram Life Group Term Life Insurance In Lieu Of EDLI

SHRIRAM LIFE GROUP TERM LIFE INSURANCE IN LIEU OF EDLI
Shriram Life Group Term Life Insurance in lieu of EDLI provides additional 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.

KEY FEATURES

1. Insurance coverage under EDLI from EPFO is linked to an employee's Average Provident Fund balance & total service prior to death.

2. Employer has to contribute @ 0.51% of the salary towards EDLI coverage.

KEY BENEFITS

Insurance Benefits

1. Sum assured will be paid to the nominee in the event of unfortunate death of the member
2. Premium paid by the employer is not treated as a perquisite to the employee
3. Claim payments are tax free

Benefits to the Employer

1. Premium paid by the employer can be treated as a business expense
2. Easy to set up and administer
3. Able to offer Higher insurance cover than that offered by EDLI irrespective of employees' salary and service