LIC Premium and Maturity Calculator

Shriram Life Group Term Life Insurance in lieu of EDLI Plan, Policy, Premium and Maturity Calculator

Shriram Life Group Term Life Insurance in lieu of EDLI Plan, Policy, Premium and Maturity Calculator - 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 - Shriram Life Group Term Life Insurance in lieu of EDLI and Policy

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 - Shriram Life Group Term Life Insurance in lieu of EDLI and Policy

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 - Shriram Life Group Term Life Insurance in lieu of EDLI and Policy

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 - Shriram Life Group Term Life Insurance in lieu of EDLI and Policy

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.

Shriram Life Term Insurance Plans and Policy

Shriram Life Women Insurance Plans
Shriram Life New Shri Vivah
Shriram Life Pension Plans
Shriram Life Pension Plus
Shriram Life Immediate Annuity Plus
Shriram Life Pension Plans
Shriram Life Term Insurance Plans and Policy
Shriram Life Family Protection Plan
Shriram Life Cash Back Term
Shriram Life Group Term Life Insurance
Shriram Life Group Term Life Insurance in lieu of EDLI
Shriram Life Secure Plus Plan

Shriram Life Savings Plans
Shriram Life Genius Assured Benefit Plan
Shriram New Shri Life Plan
Shriram Life New Shri Vidya
Shriram Life New Shri Vivah
Shriram New Shri Raksha Plan
Shriram Life Assured Income Plus
Shriram New Akshay Nidhi Plan
Shriram Secure Investment Plan
Shriram Ujjwal life
Shriram Ujjwal Life - SP
Shriram Fortune Builder Insurance Plan
Shriram Life Wealth Plus
Shriram Life Assured Income Plan
Shriram Life ULIP Plans
Shriram Life Growth Plus
Shriram Life Ujjwal Life
Shriram Life Ujjwal Life (SP)
Shriram Life Ujjwal Life (SP)
Shriram Life Fortune Builder
Shriram Life Wealth Plus