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    Reliance Group Term Assurance Plan EDLI

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Group Term Assurance Plan EDLI offered by Reliance Nippon is designed to take care of group members/employees in unforeseen circumstances and emergencies that could result in a drastic change in the lifestyle of the family of the life insured. Members are entitled to life cover along with other benefits when they join this non-linked non-participating group plan.

    Under the Employee’s Deposit-Linked Insurance Scheme (EDLI), it is mandatory for all establishments that have 20 or more full-time employees (where the EPF and Miscellaneous Provisions Act, 1952 applies), to ensure that their employees are provided with life insurance cover. If the employer is providing cover that offers better insurance benefits than the EPFO, then they are exempt for this. This plan is an alternative to the EDLI scheme and provides greater benefits to the employer and employee.

    Enrolling in this plan is simplified and flexible. Get unmatched benefits with the Reliance Group Term Assurance EDLI Plan that offers life cover at affordable premiums. Reliance assures members that the process for claim settlement is hassle-free and quick. The plan protects the members against unforeseen emergencies that could have a great impact on the family’s lifestyle. Apart from this, tax benefits are available as per the prevailing tax laws. This plan has provisions for a double accident benefit rider.

    Eligibility -Who is the Reliance Group Term Assurance EDLI for?

    To be eligible for the Reliance Group Term Assurance EDLI, customers have to meet certain criteria.

    Parameters Details
    Entry Age Minimum: 14 years Maximum: 80 years
    Maturity Age Minimum: 15 years Maximum: 81 years
    Premium paying years Equal to policy term
    Policy Term One-year renewable
    Group size Employer groups - 10 members minimum Non-employer groups - 50 members minimum
    Types of Groups
    • Any associations, where the members represent a particular trade, profession, domestic workers
    • Any Co-operative society
    • Government agencies
    • Parents of school or college students as members
    • Anganwadi workers
    • Any other groups as may be approved by the Authority

    *Ages mentioned refer to the age last birthday

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

    If you are an employer, you need at least 10 members to take this plan, but there is no maximum limit. For any other group that is not classified under employer-employee groups, at least 50 members are required. With the Reliance Group Term Assurance Plan, members need to be insured for at least Rs.5,000. There is no maximum limit imposed on the sum assured. The plan is available for a term of one year only which is renewable annually.

    Parameters Details
    Sum assured Rs.5,000 minimum per member
    Policy Term One-year renewable
    Premium Payment Frequency Monthly, quarterly, half-yearly and yearly
    Premium paying years Equal to policy term

    *Premiums vary based on age, location, plan term and other factors

    Plan coverage - What the Reliance Group Term Assurance EDLI covers

    The Group Term Assurance EDLI Plan provides flexible protection options with the choice of adding on riders to enhance the benefits. Members also have the option to increase the sum assured. There is a facility available to convert from group coverage to individual coverage. Those opting for this plan stand to benefit from the following.

    Benefits Details
    Death Benefit Upon the demise of the insured, the sum assured will be paid to the nominee or heir, provided the policy is in force
    Maturity Benefit No maturity benefit is available with this plan
    Surrender Benefit No surrender benefits are payable
    Continuation Option In the event that the policy is surrendered by the master policyholder, the individual members can continue the plan for the remainder of the policy term as an individual policy. The company will be liable to serve such member till the end of the coverage term

    Riders / Add-On Plans – Additional coverage under the Reliance Group Term Assurance EDLI

    Riders can either be selected at the time of policy commencement or on the annual renewal date. These riders can be attached to the life cover and will pay separate benefits upon the occurrence of the event that it covers. For those who wish to enhance their total coverage, Reliance offers two rider options:

    Reliance Group Accidental Total and Permanent Disablement Benefit Rider - In the event of accidental disablement, the rider will provide a lump sum or regular income for 5 years.

    Reliance Group Accidental Death Benefit Rider - If the life insured dies on account of an accident, this rider will provide an additional death benefit to the nominee.

    With these riders, a few things to bear in mind are:

    • The sum assured under any rider cannot exceed the sum assured under the base plan for any member.
    • At the same time, the sum total of all premiums for riders will not exceed 100% of the premium paid for the base plan.
    • The premium for the rider will be deducted along with the premium for the base plan.
    • If the base policy is terminated, the riders will also terminate.

    Exclusions - What the Reliance Group Term Assurance EDLI doesn’t cover

    Under this policy, there is only a suicide exclusion that is applicable.

    For employer-employee groups and non-employer-employee groups, if the member insured commits suicide, sane or insane, within 12 months from the date of joining the plan, then the nominee will receive 80% of the premiums paid till date.

    This is not applicable for employer-employee groups that have existing cover available.

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

    Some of the key features of this plan have been listed out below:

    Features Details
    Death Benefit Enhancement Members can increase the base sum assured at policy commencement or upon renewal. This is subject to board-approved underwriting policy of Reliance.
    Free-look period 15 days (30 days for distance marketing)
    Grace Period Monthly: 15 days Half-yearly: 30 days Quarterly: 30 days
    Profit Sharing This arrangement is available on the basis of specific group requirements
    Loan No loan facility is available
    Service Tax Service tax and education cess is charged as per the applicable rates declared by the Government
    Revival A lapsed policy can be revived within one year without any charges.

    Tax benefits – How you can save with the Reliance Group Term Assurance EDLI

    For the master policyholder, the premiums paid are categorised as a business expense as per the Income Tax Act, 1961. However, you are advised to consult a tax advisor.

    As per the prevailing tax laws, the premiums paid by the members are eligible for tax benefits. The benefits received from this plan are also eligible for tax exemptions.

    Other benefits – How you can save with the Reliance Group Term Assurance EDLI

    Purchasing the Group Term Assurance Plan from Reliance carries other benefits as well.

    • One-year renewable contract
    • The death benefits are payable on death due to accidental causes and natural causes
    • Claim settlement is not linked to account balance
    • The process of availing this plan is easy
    • Quick and hassle-free claim settlement
    • Upon maturity of the plan, it can be renewed on terms that are mutually agreed upon

    Why you should buy the Group Term Assurance EDLI from Reliance

    Reliance Nippon Life Insurance Company offers a range of products spanning across different segments: investment, retirement, children, and protection. The insurer is one of the largest insurance companies in India with over 7 million policy holders. Insurance plans are available for both individuals and groups. Customers have an adequate choice of products to choose from to find the most suitable insurance plan that will take care of their unique needs. This plan provides better benefits to employers and employees who wish to find an alternative to the EDLI scheme.

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