te EPFO News: All you need to know about EDLI scheme! | Zee Business

EPFO News: All you need to know about EDLI scheme!

The Employees’ Deposit Linked Insurance Scheme 1976 (EDLI Scheme) is an insurance scheme that provides life insurance benefits to all employees who are members of the Employees’ Provident Funds Scheme.

EPFO News: All you need to know about EDLI scheme!
EPFO News: All you need to know about EDLI scheme! Source: Reuters

EPFO EDLI Scheme: The Employees’ Deposit Linked Insurance Scheme 1976 (EDLI Scheme) is an insurance scheme that provides life insurance benefits to all employees who are members of the Employees’ Provident Funds Scheme, 1952 or of PF Schemes exempted under Section 17 of the EPF & MP Act, 1952. The EDLI Scheme is supported by a nominal contribution by the employers (@0.5 per cent of monthly wages, up to the maximum wage limit of Rs 15,000).  

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In one of its recent tweets, the Employees' Provident Fund Organisation (EPFO) has tweeted about the salient features of the EDLI scheme.  "Salient Features of Employees' Deposit Linked Insurance (EDLI) Scheme, 1976," the official EPFO tweet said.

 

The features of the EDLI scheme are as follows:

1) The retire fund organisation has increased the maximum assurance benefit under the ‘Employees’ Deposit Linked Insurance’ (EDLI) scheme up to Rs 7 lakhs this year in June. The increase in cover amount was done on 28 April 2021. Earlier it was Rs 6 lakh.  

2) This scheme has been made mandatory for all account holders. Under this scheme, if the main account holder dies from a natural cause or accident or illness, then the nominee gets an amount of Rs 7 lakh.  

3) The minimum assurance benefit of Rs 2.5 lakh if deceased member was in continuous employment for 12 months prior to death.  

4) The minimal contribution by employer at 0.5 per cent of employees’ monthly wages up to the ceiling of Rs 15,000.

5) There is no contribution by employee.  

6) Auto enrollment of PF members in EDLI scheme.  

7) Benefit directly credited to bank account of nominee or legal heir.    

In case of any further doubts and queries, the interested individuals can login to the official website of EPFO at epfindia.gov.in.

Written By: ZeeBiz WebTeam
Edited By: Shivendra Kumar
Updated: Wed, Feb 16, 2022
05:05 pm
New Delhi , ZeeBiz WebDesk
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