To amend the Internal Revenue Code of 1986 to increase the dollar limitation on employer-provided group term life insurance that can be excluded from the gross income of the employee.

Amends the Internal Revenue Code to increase from $50,000 to $350,000 the amount of employer-provided group term life insurance that an employee can exclude from gross income. Indexes the $350,000 amount for inflation for taxable years beginning after 2012.