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All establishments with at least twenty full time permanent employees and to whom the Employee’s Provident Fund and the Miscellaneous Provisions Act 1952, applies, have a statutory liability to subscribe to the Employee’s Deposit Linked Insurance Scheme (EDLI), to provide life insurance cover for all the employees.

Vide Government Notification No. G.S.R.9(E) dated January 8, 2011, the EDLI benefit on death of an employee, who is a member of the Fund or of a Provident Fund exempted under Section 17 of the Act, as the case may be and who was in employment for a continous period of twelve months, preceding the month in which he died, shall be higher of :

    • Average monthly wages drawn during the twelve month preceding the month in which he died, multiplied by twenty times or
    • Rs. 130000/-

 

So what does it mean?

Under Section 17(2A) of the Act, the employer may be exempt from contributing to this scheme, if he/she has provided for better insurances benefits than the cover offered by the Employee Provident Fund Organization (EPFO) through a life insurer. Reliance Life Insurance Group Term Assurance Scheme in Lieu of EDLI is a better alternative since it provides greater benefits.

A Double Accident Benefit rider can also provided.

  • 1

    Savings in premium to the employer as contribution to RPFC is the function of salary, whereas taking an insurance cover with Reliance Life would depend upon the age and the risk profile of the industry.

  • 2

    Claim settlement is quicker and not linked to the account balance

  • 3

    One year renewable contract

  • 4

    Benefits payable on death due to natural or accidental causes

  • 5

    On maturity, the contract can be renewed at mutually agreeable terms and conditions


Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Group Term Insurance Plan (EDLI) - 121N006V02.

Features & Benefits

Benefits to the employer and employee

  • Savings in premium to the employer as contribution to RPFC is the function of salary, whereas takings an insurance cover with Reliance Life would depend upon the age and the risk profile of the industry.
  • Claim settlement is quicker and not linked to the Account balance.
  • Alternatively, for the same premium amount payable to RPFC, an employer can take an enhanced cover varying between Rs. 62,000 - Rs. 1,50,000.

Features & Benefits

  • One year renewable contract
  • Benefit is payable on death due to natural or accidental causes
  • No survival benefits are payable at the end of the contract
  • One maturity of the contracts, it can be renewed at mutuality agreeable terms and conditions.
Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Group Term Insurance Plan (EDLI) - 121N006V02.

We do not pay the death benefit under this policy if the insured person , whether sane or insane, dies by his or her own hand, within 12 months from the date on which his or her cover commenced.

We do not pay the disability or accidental death benefits under this policy if caused, directly or indirectly, by any of the following:

  • Engaging in another occupation, unless the same has been agreed upon by us.
  • Intentional self injury or illness (whether wholly or partly)
  • Participation in any criminal or illegal act.
  • Being under the influence of alcohol or drugs except under direction of a registered medical practitioner.
  • Racing or practicing racing of any kind other than on foot .
  • Flying or attempting to fly, or using or attempting to use, an aerial device of any description, other than as a recognized airline or charter service.
  • Participating in any riot, strike or civil commotion.
  • Active military, naval, air force police or similar, or invasion, act of foreign enemies, hostilities or was like operations(whether was be declared or not), War, Mutiny, military rising, insurrection, rebellion, military or usurped power or any act of terrorism or violence.
Disclaimer

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. UIN for Reliance Group Term Insurance Plan (EDLI) - 121N006V02.

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I / we unconditionally agree to share mine / our Personal Information with the Reliance Group for the purpose of facilitating one view of all my transactions with the various Reliance Group Companies. However, in return I /we expect the Reliance Group of companies to keep mine / our personal information secure and confidential. I / We further understand that I / we may be offered various products and services by various Reliance Group Companies and for this purposes mine / ours’ personal information would be shared amongst the group companies in a secure and confidential manner.

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