Shriram Life Group Term Life
Insurance in Lieu of EDLI with
Low Cost and Easy Set-up
FAQs Shriram Life Group Term Life Insurance in Lieu Of EDLI
What are the tax benefits of an EDLI Insurance policy?
The tax benefits will be available and applicable as per the prevailing Income Tax laws under EDLI Insurance.
Who will facilitate the claim process under EDLI Insurance?
The master policy holder will facilitate the claim process under EDLI Insurance.
What are the maturity benefits available under EDLI Insurance?
There are no maturity benefits available under EDLI Insurance.
How much of the rider sum assured will be paid in case of permanent partial disability under EDLI Insurance?
In case of permanent partial disability resulting from an accident, 50% of the rider sum assured will be paid to the member under EDLI Insurance.
What is the conversion factor for the half-yearly premium payment mode under EDLI Insurance?
The conversion factor is 0.5085 for the half-yearly premium payment mode under EDLI Insurance.
What is the grace period for premium payments in the monthly mode under EDLI Insurance?
The grace period for premium payments in monthly mode is 15 days under EDLI Insurance.
Does the yearly mode for premium payment have a grace period?
The yearly mode for premium payments does not come with a grace period.
How many classifications are there of members into different groups of EDLI Insurance?
There are nine classifications of members into different groups of EDLI Insurance.
What is the free look period?
A free look period of 15 days from the date of receipt is provided to the master policy holder to review the terms and conditions and return the policy stating reasons, in case of any issues.
Does Shriram Life stop coverages for members who exit under EDLI Insurance?
The policy holder must inform Shriram Life about the members who exit so that the company stops coverage for those members under EDLI Insurance.