The Employees’ Deposit Linked Insurance (EDLI) is one of the three schemes operated by the Employees’ Provident Fund Organisation (EPFO).
EPFO-EDLI Benefits: The Employees’ Deposit Linked Insurance (EDLI) is one of the three schemes operated by the Employees’ Provident Fund Organisation (EPFO). There are certain salient features of the scheme of the employees must be aware of.
The EPFO has recently tweeted from its official Twitter handle about the salient features of the EDLI scheme. The tweet said, “Salient Features of Employees’ Deposit Linked Insurance (EDLI) Scheme, 1976.”
The salient features of the EDLI are as follows:
1) It provides maximum assured benefit up to Rs 7 lakh to be paid to the nominee or legal heir of the EPF member if death occurs while in service. The increase in cover amount was done on 28 April 2021. Earlier it was Rs 6 lakh.
2) The minimum assurance benefit is of Rs 2.5 lakh in case the deceased member was in continuous employment for 12 months prior to his or her death
3) The minimal contribution by employer @0.5 per cent of employees’ monthly wages, up to wage ceiling of Rs 15,000
4) No contribution has to be paid by the employees
5) There will be auto enrolment of the PF members in the EDLI scheme
6) The benefits will be directly credited to the bank account of the nominee or legal heir
7) Minimal contribution by employer at 0.5 per cent of employees’ monthly wages up to the ceiling of Rs 15,000
One should note that the nomination under the EPF scheme will also be applicable for the EDLI scheme. In order to claim the insurance benefit by the nominee or beneficiary in case of the member’s death, he or she has to fill the form 51F. For more information, one must login to the official website of EPFO at epfindia.gov.in.
