sir, i want to know that the maximum and minimum benefit. regards, mo jonny
From India, Delhi
Acknowledge(0)
Amend(0)
From India, Delhi
Acknowledge(0)Amend(0)
EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here, deposit means the average deposit in EPF. When an employee dies while in service, the family will receive some compensation based on his/her deposit. To file a claim, the employer has to pay 0.5% as its premium.
EDLI benefits can be divided into two categories: 1) Benefits before 8.1.2011 and 2) Benefits on or after 8.1.2011.
I. Benefits before 8.1.2011
1. Determination of Deposit:
The average of the deposit of the last twelve months as well as total service will be calculated, and whichever is less will be considered for the calculation.
2. Determination of Compensation:
Up to Rs. 50,000, the family will receive the actual amount. Beyond the first Rs. 50,000, they will receive 40% of the remaining amount, subject to a ceiling of Rs. 100,000.
Examples:
a) Deposit Rs. 100,000 - Total Rs. 70,000 (will receive full amount as it does not exceed Rs. 100,000).
b) Deposit Rs. 200,000 - Total Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
c) Deposit Rs. 300,000 - Total Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
However, there are better insurance schemes available with the same premium, even without considering the deposits. Some organizations are exempted from EDLI as they provide better benefits in lieu of EDLI. Some schemes offer more than Rs. 100,000 for natural death and double benefits for accidental death.
II. Benefits on or after 8.1.2011
The calculation will involve the above method and 20 times the salary, with the higher amount being considered, subject to a ceiling of Rs. 1,30,000.
Abbas.P.S, ITI LTD, PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
Acknowledge(0)Amend(0)
530EDLI benefits can be divided into two categories: 1) Benefits before 8.1.2011 and 2) Benefits on or after 8.1.2011.
I. Benefits before 8.1.2011
1. Determination of Deposit:
The average of the deposit of the last twelve months as well as total service will be calculated, and whichever is less will be considered for the calculation.
2. Determination of Compensation:
Up to Rs. 50,000, the family will receive the actual amount. Beyond the first Rs. 50,000, they will receive 40% of the remaining amount, subject to a ceiling of Rs. 100,000.
Examples:
a) Deposit Rs. 100,000 - Total Rs. 70,000 (will receive full amount as it does not exceed Rs. 100,000).
b) Deposit Rs. 200,000 - Total Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
c) Deposit Rs. 300,000 - Total Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
However, there are better insurance schemes available with the same premium, even without considering the deposits. Some organizations are exempted from EDLI as they provide better benefits in lieu of EDLI. Some schemes offer more than Rs. 100,000 for natural death and double benefits for accidental death.
II. Benefits on or after 8.1.2011
The calculation will involve the above method and 20 times the salary, with the higher amount being considered, subject to a ceiling of Rs. 1,30,000.
Abbas.P.S, ITI LTD, PALAKKAD - 678 623
Ph. +91 9447 467 667
From India, Bangalore
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Epf EDLI Amdmt Scheme 2018.pdf
Group Insurance Scheme in Lieu Of EDLI.doc