HI! THIS IS K. RAVI KUMAR FROM HYDERABAD. I' WOULD LIKE TO KNOW ABOUT THE EDLI (EMPLOYEES DEPOSIT LINKED INSURANCE SCHEME). REQUIRE SOME MATERIAL ON THIS EDLI. REGARDS K. RAVI KUMAR. PH: 09989111149
From India, Hyderabad
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3From India, Hyderabad
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Dear Raj,
I would like to know about EDLIS - why it is included in the PF Act of 1952 and why one should contribute to the EDLIS. What are the benefits or uses of this? Please reply soon. Also, please provide me with your email address and contact number.
Thank you.
Yours faithfully, K. Ravi Kumar
E-mail: kasinaravikumar@gmail.com
Phone: 09989111149
From India, Hyderabad
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I would like to know about EDLIS - why it is included in the PF Act of 1952 and why one should contribute to the EDLIS. What are the benefits or uses of this? Please reply soon. Also, please provide me with your email address and contact number.
Thank you.
Yours faithfully, K. Ravi Kumar
E-mail: kasinaravikumar@gmail.com
Phone: 09989111149
From India, Hyderabad
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Hello Ravi, Pl find attached ppt on EDLI in brief. Hope it will help you to understand the EDLI scheme and its benefits. Regards, Ashutosh Chaturvedi 09860060437
From India, Mumbai
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From India, Mumbai
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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 get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
Determination of Deposit:
The average deposit of the last twelve months as well as total service will be calculated, and whichever is less will be taken for the calculation.
Determination of Compensation:
Up to Rs. 50,000/-, he will get the actual amount. Beyond the first Rs. 50,000/-, he will receive 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Example a) Deposit Rs. 100,000
For the first 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed 100,000).
Example b) Deposit Rs. 200,000
For the first 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds 100,000).
Example c) Deposit Rs. 300,000
For the first 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds 100,000/-)
However, there are better insurance schemes with the same premium, even without considering the deposits. With these types of better benefits, some organizations are exempted from EDLI. Instead, they provide benefits in lieu of EDLI. There are schemes that specify more than Rs. 100,000/- for natural 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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Determination of Deposit:
The average deposit of the last twelve months as well as total service will be calculated, and whichever is less will be taken for the calculation.
Determination of Compensation:
Up to Rs. 50,000/-, he will get the actual amount. Beyond the first Rs. 50,000/-, he will receive 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Example a) Deposit Rs. 100,000
For the first 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will receive the full amount as it does not exceed 100,000).
Example b) Deposit Rs. 200,000
For the first 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds 100,000).
Example c) Deposit Rs. 300,000
For the first 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds 100,000/-)
However, there are better insurance schemes with the same premium, even without considering the deposits. With these types of better benefits, some organizations are exempted from EDLI. Instead, they provide benefits in lieu of EDLI. There are schemes that specify more than Rs. 100,000/- for natural 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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Employees' Deposit Linked Ins Scheme 1976.pdf
Group Insurance Scheme in Lieu Of EDLI.doc