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Employees Deposit Linked Insurance Scheme (EDLI)

Companies function well when all employees are taken care of. Happier the employees, better is the company’s performance. Most employees have a liability to avail the Employee’s Deposit Linked Insurance Scheme of 1976 through which Life Insurance is provided to all employees. However, if the said employer has provided better insurance advantages via other schemes, the employer may be exempted from contributing to the Insurance Scheme of 1976. One of the better alternatives that could be availed by the employer is the Exide Life Group Term Life in lieu of Employees’ Deposit Linked Insurance Scheme.

This plan provides a higher Sum Assured and also requires a lower premium amount. This plan also ensures that claim settlements are done a lot more quickly. In addition to all of this, employers can also avail income tax benefits. Through this plan, both employers and employees can procure a number of benefits. This plan can be availed by all members of a Provident Fund scheme in the said company.

Eligibility - Who is the Exide Life Employee Deposit Linked Insurance Scheme for?

This plan can be availed by companies for their employers who are members of a Provident Fund Scheme. In order to avail this plan, they will have to meet the following eligibility criteria:

Minimum age (in years) Same as that of Provident Fund Scheme
Maximum age (in years) Same as that of Provident Fund Scheme

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

The Sum Assured will depend on the salary of the individual and the service that has been put in from the first day regardless of the actual balance that is available in the Provident Fund.

Sum Assured that can be availed by employees
  • Minimum - Rs.5,000
  • Maximum - Rs.10,00,000

Beneficiary of the said employee will be the same as the one under the Provident Fund Scheme.

Plan Coverage - What the Exide Life Employee Deposit Linked Insurance Scheme covers?

Benefits under the scheme differ for employers and employee. These benefits are listed below:

For Employers For Employees
  • Claim settlements are very quick as this company needs only Claim form and Death Certificate.
  • Premiums that are paid by the employer is eligible for tax benefits as they are looked upon as normal business expenses for the purpose of Income-Tax.
  • The premium that is payable by the employer will generally be less than the total amount of contribution being paid by the employer to the Regional Provident Fund Commissioner, especially when the level of salary is high and the average age of the group is low.
  • All employees will be covered for a Sum Assured amount that is between the range of Rs.5,000 and Rs.10,00,000.
  • This amount is based on the salary and service that has been rendered by the employee regardless of the actual balance in the Provident Fund.
  • Additionally, every worker can be covered for a set Sum Assured which will be chosen based on Exide Life Insurance policy document.
  • Claim amount that is being paid under the scheme will be exempt from tax based on Section 10() (d) of Income Tax Act of 1962.

Exclusions - What the Exide Life Employee Deposit Linked Insurance Scheme does not cover?

In case of death of member due to suicide within a period of one year from the date of coverage or date of entry, full death benefit will be paid as suicide clause is not applicable to ‘Employer-Employee’ group.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Grace Period For monthly mode of payment, 15 days is the grace period that is offered and for quarterly and semi-annual mode of payment, 30 days is the grace period offered. This amount of time is from the due date of premium payment. In case the payment mode is annual, there is no grace period applicable. In case of insured member’s untimely demise during grace period, the death claim will be payable based on the receipt of unpaid premium.
Free Look Period Customers have the option of cancelling the policy by writing to the company along with reasons within a period of 15 days from date of receipt of policy document.
Nomination Nomination with regards to this policy should be in agreement with all provisions of Section 39 of the Insurance Act of 1938.
Loan Loan is not applicable under this policy.
Surrender Benefit Surrender benefit is not applicable under this policy.
Maturity Benefit Maturity benefit is not provided for this policy.

Tax Benefits - How you can save with the Exide Life Employee Deposit Linked Insurance Scheme?

Premiums that are paid by the employer is eligible for tax benefits as they are looked upon as normal business expenses for the purpose of Income-Tax. Additionally, claim amount that is being paid under the scheme will be exempt from tax based on Section 10() (d) of Income Tax Act of 1962.

Other Benefits – How you can save with Exide Life Employee Deposit Linked Insurance Scheme?

Individuals can procure Life Insurance plans from Exide Life very easily as they have the option to apply online. The Self-Service portal is one of the unique benefits offered by this company. Through this feature, individuals can download their premium certificate, check the amount that they have not claimed yet, change their contact details and also make top-up payments on their policies.

Other than this, Exide Life also provides features such as investment calculator, risk analyser, calculator for medical costs. These features are exceedingly convenient as well. In addition to the above, ‘Meet an Advisor’ is an option that can be availed in case individuals require advice regarding their insurance policies. This company is also active on social media.

Why you should buy the Exide Life Employee Deposit Linked Insurance Scheme?

Exide Life Insurance is one of the premier insurance providing companies in the country and is very innovative in its approach. In addition to providing a number of unique plans catering to a large client base, this company also has a high claim rate.

This company is owned by Exide Industries Limited has won the “IDC Insights Award” in the year 2016 under the category of “Excellence in Omni-Experience” category due to the development of an internal portal known as MyConnect. Exide Life is also known for their hassle-free claims process. In short, this company exemplifies the values on which this company is based on which are - dynamin, dependable, foresighted and responsive.