Dear Friends,
I came to know that the GROUP INSURANCE SCHEME IN LIEU OF EDLI.
I want to know whether it is advisable to go with them instead of PF office.
Kindly give me your valuable suggestion on this regard.
Thanks
Sanhil
From India, Madras
2I came to know that the GROUP INSURANCE SCHEME IN LIEU OF EDLI.
I want to know whether it is advisable to go with them instead of PF office.
Kindly give me your valuable suggestion on this regard.
Thanks
Sanhil
From India, Madras
Dear Kumar,
Thank you for your valuable suggesstion.More benefits are their in LIC EDIL scheme.
We have registered with PF only last month. I think it would be a problem if we go now with the LIC EDIL scheme??
Regards,
Sanhil.
From India, Madras
Thank you for your valuable suggesstion.More benefits are their in LIC EDIL scheme.
We have registered with PF only last month. I think it would be a problem if we go now with the LIC EDIL scheme??
Regards,
Sanhil.
From India, Madras
Hi,
As you are aware, EDLI is necessarily a part of PF scheme. If you want to take a Group Insurance in lieu of EDLI from LIC, you need to get permission from PF office. Followng is the process :
1. You need to get consent of each and every employees for taking up the Group Insurance in lieu of EDLI.
2. An application needs to be made to the RPFC of your area for granting permission to take up Group Insurance in lieu of EDLI, from LIC. The consent taken from employees needs to be attached with this application.
3. Once you get the permission, you need to contact LIC group and pension scheme authorities for taking up this policy.
4. The GI policy (in lieu of EDLI) period is from 1st January to 31st December.
5. Following is the format of information (spreadsheet) to be sent to LIC as on 1st January
1. LIST OF JOINEES (1ST JANUARY .... TO 31ST DECEMBER ....)
2. LIST OF EXITS (1ST JANUARY .... TO 31ST DECEMBER ....)
3. LIST OF EMPLOYEES AS ON 1ST JANUARY
(1)Sl. No. (2) LIC ID (3) Name (4) Date of Joining (5)Date of Birth (6) Date of Exit, if any (7)Monthly basic salary on which PF is deducted (Rs.)
This policy needs to be renewed every year (January) by sending LIC a cheque along with the above three lists of employees.
Hope the above information is useful.
Regards
Sasidharan
As you are aware, EDLI is necessarily a part of PF scheme. If you want to take a Group Insurance in lieu of EDLI from LIC, you need to get permission from PF office. Followng is the process :
1. You need to get consent of each and every employees for taking up the Group Insurance in lieu of EDLI.
2. An application needs to be made to the RPFC of your area for granting permission to take up Group Insurance in lieu of EDLI, from LIC. The consent taken from employees needs to be attached with this application.
3. Once you get the permission, you need to contact LIC group and pension scheme authorities for taking up this policy.
4. The GI policy (in lieu of EDLI) period is from 1st January to 31st December.
5. Following is the format of information (spreadsheet) to be sent to LIC as on 1st January
1. LIST OF JOINEES (1ST JANUARY .... TO 31ST DECEMBER ....)
2. LIST OF EXITS (1ST JANUARY .... TO 31ST DECEMBER ....)
3. LIST OF EMPLOYEES AS ON 1ST JANUARY
(1)Sl. No. (2) LIC ID (3) Name (4) Date of Joining (5)Date of Birth (6) Date of Exit, if any (7)Monthly basic salary on which PF is deducted (Rs.)
This policy needs to be renewed every year (January) by sending LIC a cheque along with the above three lists of employees.
Hope the above information is useful.
Regards
Sasidharan
Dear All, can any body just help me in telling the maximum Amount which can contributed to p.f, and role of form 37 in esic. waiting for your response sant singh
From India, Calcutta
From India, Calcutta
Based on the new amendment, I shall make a brief and method of calculation on EDLI.
EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here deposit means average deposit in EPF. When an employee dies while in service, family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
1. Determination of Deposit.
Average of deposit of last twelve months as well as total service, will be calculated and whichever is less being taken for the calculation.
2. Determination of Compensation.
Upto Rs. 50,000/- he will get actual. Beyond first 50,000/- he will get 40% of the rest; subject to ceiling of Rs. 100,000/-.
Eg. a) Deposit Rs. 100,000
For 1st 50000 - 50000, Next 50000 - 20000
Total - Rs. 70,000 (will get full amount as it is not more than 100,000).
Eg. b) Deposit Rs. 200,000
For 1st 50000 - 50000, Next 150,000 - 60000
Total - Rs. 110000 (will get Rs.100,000 only as it ecxeeds 100,000).
Eg. c) Deposit Rs. 300,000
For 1st 50000 - 50000, Next 250,000 - 100,000
Total - Rs. 150,000 (will get Rs. 100,000 only as it exeeds 100,000/-)
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
From India, Bangalore
EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here deposit means average deposit in EPF. When an employee dies while in service, family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
1. Determination of Deposit.
Average of deposit of last twelve months as well as total service, will be calculated and whichever is less being taken for the calculation.
2. Determination of Compensation.
Upto Rs. 50,000/- he will get actual. Beyond first 50,000/- he will get 40% of the rest; subject to ceiling of Rs. 100,000/-.
Eg. a) Deposit Rs. 100,000
For 1st 50000 - 50000, Next 50000 - 20000
Total - Rs. 70,000 (will get full amount as it is not more than 100,000).
Eg. b) Deposit Rs. 200,000
For 1st 50000 - 50000, Next 150,000 - 60000
Total - Rs. 110000 (will get Rs.100,000 only as it ecxeeds 100,000).
Eg. c) Deposit Rs. 300,000
For 1st 50000 - 50000, Next 250,000 - 100,000
Total - Rs. 150,000 (will get Rs. 100,000 only as it exeeds 100,000/-)
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
From India, Bangalore
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Financing LIC policies.doc
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