hiiiiiiii ,,,
is anyone here who could make me clear about the diffrences in the EDLI scheme launched under Preovident Fund and Misc. Provision act and the scheme launched by LIC in relation to the EDLI Scheme...
From India, Lucknow
3is anyone here who could make me clear about the diffrences in the EDLI scheme launched under Preovident Fund and Misc. Provision act and the scheme launched by LIC in relation to the EDLI Scheme...
From India, Lucknow
LIC’s scheme is to be taken separately whereas EDLI of EPF shall be covered automatically. As regards, benefits available to the members, I do not think any difference. Regards, Madhu.T.K
From India, Kannur
From India, Kannur
hiiii, madhu...
as far as i know bt these,, there is much diffrence between the compensation amount recieved by the employee's in death case... in EDLI scheme dependents of employee recieves approx Rs 35000/- where as under LIC scheme the same recieves approx amount of Rs 70000/-..
thanx...
From India, Lucknow
as far as i know bt these,, there is much diffrence between the compensation amount recieved by the employee's in death case... in EDLI scheme dependents of employee recieves approx Rs 35000/- where as under LIC scheme the same recieves approx amount of Rs 70000/-..
thanx...
From India, Lucknow
hiiii,, isn’t there anyone who could clear my confusion.. plz help me yaar...plzzzzzz...
From India, Lucknow
From India, Lucknow
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.
Accordingly the difference cited above may be , in EDLI it depends on deposit; but in Insurance it is not linked with deposit.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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.
Accordingly the difference cited above may be , in EDLI it depends on deposit; but in Insurance it is not linked with deposit.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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Employees' Provident Funds (Third Amendment) Scheme 2008 - 0.pdf