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Who will
eligible for EDLI? How to apply ? How to withdrawa EDLI?
EDLI - Employees Deposit linked Insurance (India Death payment Scheme)
What is EDLI?
All employees to whom the Employee's Provident Fund and Miscellaneous
Provision Act , 1952 applies, have a Statutory liability to subscribe to
Employee's Deposit Linked Insurance Scheme, 1976 to provide for the benefit
of Life insurance to all their employees. Under the scheme as amended with
effect from 24th June,2000 the insurance benefit is equal to the average
balance to the credit of the deceased employee in the Provident Fund during
the last 12 months, provided that where such balance exceeds Rs.35,000,
insurance cover would be equal to Rs.35,000 plus 25% of the amount in
excess of Rs.35,000 subject to a maximum of Rs.60,000. Thus if the lenth of
service is not adequate and/ or the salary is low the average balance may be
substantially less and such the benefit to the employee's family is either
inadequate or non-existent.
The contribution @ 0.50% of each employee's salary is payable by the
Employer to the Provident Fund Authorities.
2. Settlement of claim is quicker, LIC requires only the death certificate and the
Claim Form from the employer.
3. Premium paid by the employer is treated as normal business expenses for
Income-Tax purpose.
ACCIDENT BENEFIT:
Double accident benefit can be allowed to the extent of the Sum Assured for
an extra Premium.
Regards,
Karthik J
Can you also help to give the contents of the notice for the knowledge of the
employees when we are going in for LIC's Scheme in lieu of EDLI.
Kamala
But there is better Insurance schemes with the same premium, even without
cosidering the deposits. With this type of better benefits, some of the
organisations are exempted from EDLI. Instead they are providing in lieu of
EDLI. There are schemes which specifies more than 100,000/- for natuaral
death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
Is there any ceiling of salary for EDLI? Is it that EDLI will be deposited @ 0.5%
on any salary e.g 6000/-, 7000/- or 15000/- etc? Thank you for the valuable
contribution. Regards Subhabrata Dasgupta
Thanks for your valuable info bro.... and also thanks to the one who has
posted this important Question