Dear frends, Hi! Please let me know what is the maximum insurance amount to be given under EDLI scheme.? Regards Puja
From India, Pune
1From India, Pune
Ms. Puja,
EDLI maximum benefit Rs.60000/-. This will be paid only in case of death. You can also take exemption from PF in lieu of EDLI. You can introduce Group Insurance Scheme from LIC. LIC will cover all your employees, uniform benefit will be extended from the day beginning of the policy given Rs. 62000/- will be the maximum benefit extended by LIC. IT is very easy to apply and get permission for exemption from Providend Fund Office. The premium payable will be less than the amount payable / paying at present. The benefit, process of the death claim with LIC is very easy and the benefit will be given within 3 days from the date of claim provided the application for claim alongwith death certificate and bank account details to be certified by the employer.
Thanks & Regards,
G.A. RAMAKRISHNA
From India, Mumbai
EDLI maximum benefit Rs.60000/-. This will be paid only in case of death. You can also take exemption from PF in lieu of EDLI. You can introduce Group Insurance Scheme from LIC. LIC will cover all your employees, uniform benefit will be extended from the day beginning of the policy given Rs. 62000/- will be the maximum benefit extended by LIC. IT is very easy to apply and get permission for exemption from Providend Fund Office. The premium payable will be less than the amount payable / paying at present. The benefit, process of the death claim with LIC is very easy and the benefit will be given within 3 days from the date of claim provided the application for claim alongwith death certificate and bank account details to be certified by the employer.
Thanks & Regards,
G.A. RAMAKRISHNA
From India, Mumbai
thnx for urs contribution..i read 35000/- in some article..wht exactly is tht??? puzzle in between 35000/- and 60000/- priya
From India, Pune
From India, Pune
we are having doubt as we both need urgently the exact number..max amt of insurance under EDLI scheme. Puja
From India, Pune
From India, Pune
Dear puja, 60000/- is correct amount, if u have any doubts contact Regional PF office. Satya
From India, Hyderabad
From India, Hyderabad
If the EDLI scheme is being administered from the RPFC then the maximum Insurance amount claim for EDLI can be only Rs.60,000/-
Today, you can obtain exemption from RPFC for maintaining the EDLI scheme instead with an insurance company.
In this case only the administration charges towards EDLI need to be paid to RPFC whereas the EDLI policy can be maintained as any insurance policy with the insurance company. The exemption requires that the EDLI policy so obtained be able to provide better benefits to the employees than is available under the EDLI scheme of RPFC.
Currently insurance companies like LIC, Met Life etc provide scheme of up to Rs.1 lakh with the additional provision of a Double Death Benefit rider which gives double coverage in the case of an accidental death.
From India, New Delhi
Today, you can obtain exemption from RPFC for maintaining the EDLI scheme instead with an insurance company.
In this case only the administration charges towards EDLI need to be paid to RPFC whereas the EDLI policy can be maintained as any insurance policy with the insurance company. The exemption requires that the EDLI policy so obtained be able to provide better benefits to the employees than is available under the EDLI scheme of RPFC.
Currently insurance companies like LIC, Met Life etc provide scheme of up to Rs.1 lakh with the additional provision of a Double Death Benefit rider which gives double coverage in the case of an accidental death.
From India, New Delhi
Hi Members!
EDLI maximum benefit Rs.60000/- in case of death then what will be the limit in case of Permanent disablement and with what amount because that employee is not covered under ESI as his salary is more than 10000/- and he wants to take benefit under PF.
If we have LIC group insurance than how much amount in case of death or disablement.
Regards,
:roll:
From India, Madras
EDLI maximum benefit Rs.60000/- in case of death then what will be the limit in case of Permanent disablement and with what amount because that employee is not covered under ESI as his salary is more than 10000/- and he wants to take benefit under PF.
If we have LIC group insurance than how much amount in case of death or disablement.
Regards,
:roll:
From India, Madras
After amendment in 2010 EDLI limit enhanced from Rs.60,000/- to Rs.100,000/-. The details are as under.
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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