I just want to know what are the benefits of taking EDLI scheme exemption and taking GI from LIC of India. What are the additional benefits if we get from LIC?
From India, Ludhiana
From India, Ludhiana
LIC has schemes which provide for flat compensation in case of death whereas EDLI is restricted to an amount calculated based on the amount to the credit of Provident Fund. However, at present the EDLI coverage is made upto a sum of Rs 1 lakh (earlier it was Rs 60000) without any additional burden on the employer by way of contribution (the contribution remains the same, ie, 0.5% of qualifying salary) Of course, the LIC has also increased their compensation to Rs 1,02000(from Rs 62000) but with an additional premium payable by the employer. Still, the LIC scheme being one which guarantees a flat sum of Rs 1,02,000 irrespective of membership in PF, the same seems to be beneficial and that is why we get exemption from contributing to EDLI.
Regards,
Madhu.T.K
From India, Kannur
4248Regards,
Madhu.T.K
From India, Kannur
Dear colleagues,
Can you please share the notice which will be displayed on company notice board, informing employees regarding company has taken group insurance policy in LIC, instead of EDLI policy in EPF dept. The notice Include information regarding benefits of the said policy, Applicability, Assurance benefit and eligibility criteria for claim (Latest amendment made about enhanced benefit from Rs. 3,60,000/- to 6,00,000).
Thanks & Regards,
Rajendra.
From India, Bengaluru
Can you please share the notice which will be displayed on company notice board, informing employees regarding company has taken group insurance policy in LIC, instead of EDLI policy in EPF dept. The notice Include information regarding benefits of the said policy, Applicability, Assurance benefit and eligibility criteria for claim (Latest amendment made about enhanced benefit from Rs. 3,60,000/- to 6,00,000).
Thanks & Regards,
Rajendra.
From India, Bengaluru
If any organization have consultant for PF and EDLI is with LIC office, who has to submit Form No. 7IF Monthly Return to PF office every month, consultant or employer ?
From India, Ahmedabad
From India, Ahmedabad
Hi,
For Employer's convenience the services of the Consultant is hired by the Employer. So the Employer should ensure that all monthly returns are submitted to PF office on regular basis by the Consultant. The ultimate responsibility lies with the employer. Finally it is the Employer who will be penalized for non submission of Reports.
From India, Madras
For Employer's convenience the services of the Consultant is hired by the Employer. So the Employer should ensure that all monthly returns are submitted to PF office on regular basis by the Consultant. The ultimate responsibility lies with the employer. Finally it is the Employer who will be penalized for non submission of Reports.
From India, Madras
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Flexi Benefits Plan.doc