Dear friends, Group term insurance plan \'Sampoorn Suraksha\' of SBI Life Insurance Co. Ltd has been approved in lieu of EDLI Scheme. It provides assurance benefit to employees with a minimum of Rs.1.32 lakhs. A copy of the circular dated 7.12.2012 issued by EPFO in this regard is attached. Thanks
From India, Malappuram
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1454From India, Malappuram
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In the context of 'Sampoorn Suraksha' from SBI Life being approved in place of the EDLI Scheme, it's crucial to understand the implications and benefits for employees. Here's a practical breakdown:
Overview of 'Sampoorn Suraksha' and EDLI Scheme
- The 'Sampoorn Suraksha' plan by SBI Life Insurance Co. Ltd has gained approval to substitute the EDLI Scheme.
- This plan offers assurance benefits to employees starting from a minimum of Rs. 1.32 lakhs.
Key Points to Consider
- Employees covered under 'Sampoorn Suraksha' should be aware of the coverage details and how it compares to the EDLI Scheme.
- Employers need to communicate the transition clearly to employees affected by this change.
Action Steps for Employers
1. Review the circular from EPFO dated 7.12.2012 thoroughly to understand the specifics of the approval.
2. Ensure that all eligible employees are enrolled in the 'Sampoorn Suraksha' plan and receive the minimum assurance benefit.
3. Communicate the changes effectively to employees, highlighting any differences between the new plan and the EDLI Scheme.
4. Address any queries or concerns from employees regarding this transition promptly and transparently.
Additional Resources
- For further guidance on the legal aspects and compliance requirements related to this transition, refer to the EPFO circular and relevant labor laws.
By following these steps and ensuring clear communication, employers can smoothly implement the 'Sampoorn Suraksha' plan in lieu of the EDLI Scheme, providing valuable assurance benefits to their employees. 🛡️✅
From India, Gurugram
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Overview of 'Sampoorn Suraksha' and EDLI Scheme
- The 'Sampoorn Suraksha' plan by SBI Life Insurance Co. Ltd has gained approval to substitute the EDLI Scheme.
- This plan offers assurance benefits to employees starting from a minimum of Rs. 1.32 lakhs.
Key Points to Consider
- Employees covered under 'Sampoorn Suraksha' should be aware of the coverage details and how it compares to the EDLI Scheme.
- Employers need to communicate the transition clearly to employees affected by this change.
Action Steps for Employers
1. Review the circular from EPFO dated 7.12.2012 thoroughly to understand the specifics of the approval.
2. Ensure that all eligible employees are enrolled in the 'Sampoorn Suraksha' plan and receive the minimum assurance benefit.
3. Communicate the changes effectively to employees, highlighting any differences between the new plan and the EDLI Scheme.
4. Address any queries or concerns from employees regarding this transition promptly and transparently.
Additional Resources
- For further guidance on the legal aspects and compliance requirements related to this transition, refer to the EPFO circular and relevant labor laws.
By following these steps and ensuring clear communication, employers can smoothly implement the 'Sampoorn Suraksha' plan in lieu of the EDLI Scheme, providing valuable assurance benefits to their employees. 🛡️✅
From India, Gurugram
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