MetLife gets nod to offer group life insurance

MetLife India has been granted approval by the central provident fund commissioner to offer group life cover to employees in lieu of the government's mandatory Employees Deposit Linked Insurance Scheme (EDLI) across the country, says a company press release.

The EDLI scheme is applicable to all employees coming under the purview of Employees' provident fund scheme and requires every employer to offer life insurance protection linked to the average balance to the credit of the employees' provident fund, subject to a maximum insurance benefit of Rs 60, 000.

MetLife's Group Term Life(GTL) in lieu of EDLI can provide a higher sum assured up to a maximum of Rs 2.5 lakh to each employee. It is calculated based on the age, salary, nature of work or industry.

The term life scheme also provides uniform or graded coverage to provide the maximum flexibility.

According to Mr Suraj Kaeley, chief marketing officer, MetLife India, said, "With the introduction of Group Term Life, MetLife India is seriously looking at further expanding its group insurance product portfolio."