Dear sir, If we go for LIC instead of EDLI in PF what are the benefits?
From India, Hyderabad
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From India, Hyderabad
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With LIC, you will get a host of benefits compared to EPF office. Some of the salient features of the Group EDLI Policy from LIC are as follows:
1. In case of the unfortunate death of a member, the dependent will receive six lakhs but in the EPF Scheme, the dependent will only receive the one-year average balance amount of the member.
2. Hassle-free settlement from LIC.
3. You need to establish a trust in your company, and the trust will manage the scheme with LIC.
4. The annual premium will be payable in LIC rather than the monthly premium in the EPF Scheme.
5. When comparing the contributions payable to the EPF Scheme, LIC premiums are cheaper and more affordable.
6. You can contact the LIC office for more details on the policy.
From India, New Delhi
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1. In case of the unfortunate death of a member, the dependent will receive six lakhs but in the EPF Scheme, the dependent will only receive the one-year average balance amount of the member.
2. Hassle-free settlement from LIC.
3. You need to establish a trust in your company, and the trust will manage the scheme with LIC.
4. The annual premium will be payable in LIC rather than the monthly premium in the EPF Scheme.
5. When comparing the contributions payable to the EPF Scheme, LIC premiums are cheaper and more affordable.
6. You can contact the LIC office for more details on the policy.
From India, New Delhi
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Employee Benefits.doc
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