Min : 18 years (EE) 15 years (Non EE)
Employer Employee (EE) : 80 years Non Employer Employee (Non EE) : 60 years
Year renewable Term - one year
Rs 1000 per life
As defined in the rules of the group insurance scheme under administration or as defined by the employer for employer- employee group and Master Policyholder for non-employer-employee group.
100% of the sum assured on death.
There are no survival or maturity benefits associated with this product.
There is no surrender benefit associated with this product.
1. Protection for family of the employee
2. More efficient way to meet the statutory EDLI requirement
3. Cheaper than an individual life cover
4. Tax benefits to employer, but not treated as perquisite in the hands of the employee
5. Hassle-free implementation because of availability of free cover limit
6. Strong retention tool for employers
7. Flexible payment modes
8. Option to convert to individual coverage when an employee leaves the organization
9. Additional cover for self and family on participatory basis
10. *Tax Benefits as applicable