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Take a look at the benefits ICICI Prudential's Group Term in lieu of EDLI Scheme offers both employers and employees:
Employer Benefits
Premiums you pay are usually less than the total contribution you pay to R.P.F.C-particularly when your team comprises young employees who earn high salaries.
Premiums you pay are treated as normal business expenses under sec 37 of IT Act, 1962 for Income Tax purposes.
Your claims are settled quickly, without you needing to go through several cumbersome procedures.
Employee Benefits
Each employee is covered for a Sum Assured between Rs. 65,000 and Rs. 1 lakh depending on their current salary and service put in from the day they join, irrespective of the actual balance in the Provident Fund. Alternatively every employee/worker can be covered for a uniform sum assured of Rs.65,000.
Claim amounts are exempt from taxes under Sec. 10 (10) (d) of IT Act, 1962.
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