Amendment in EDLI Scheme, 1976 (Death Benefit) - pension fund
CiteHR
 
HOME ANSWERED NEW ABOUT LOGIN
Home > Human Resource Section > Human Resource Management

Amendment in EDLI Scheme, 1976 (Death Benefit)

dilipsatpute Started The Discussion:

Hello Professional HR & Business Veterans,

Please find attached the latest, Central Government notified the amendment of paragraph 22 (1) of Employees’ Deposit Linked Insurance Scheme, 1976, from 18-6-2010 fixing a ceiling of Rs.1,00,000/-. The relevant notification is attached.


Attached FilesProvided by community member dilipsatpute. Join us to learn and grow with your peers.
File Type: pdf Notification_EDLI_Death_Benefit_Amed_18 June 2010.pdf (40.2 KB, 1341 views)
thisisvj - Contributing Member
Life insurance benefits to Pension Fund employees increased to Rs.1lakh under Deposit linked Insurance scheme (EDLI)




EDLI Scheme amended: In effect, on death during employment, Family member/nominee will get the following:
  • if Average balance is more than Rs.50,000/-
  • then Insurance Amount = Rs. 50,000/- + 40% (Excess), subject to a maximum of Rs. 1,00,000/-

thisisvj - Contributing Member
Life insurance benefits to Pension Fund employees increased to Rs.1lakh under Deposit linked Insurance scheme (EDLI)

EDLI Scheme amended: In effect, on death during employment, Family member/nominee will get the following:

if Average balance is more than Rs.50,000/-
then Insurance Amount = Rs. 50,000/- + 40% (Excess), subject to Rs. 1,00,000/-

Details in Life insurance benefits to Pension Fund employees increased to Rs.1lakh under Deposit linked Insurance scheme (EDLI) ~ See Yes -> Yes, ACS

suresh.msw - 
dear friends can anybody explain edli scheme and amendments related to the act and facilities to emp. Babu

abbasiti - Contributing Member
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

mukeshnegi - 
When we talk about 50000/- average balance, does it mean average balance per year in PF Account?

mukeshnegi - 
Can anybody let me know what are the minimum eligibility creteria to claim Maternity Benefit under Maternity Act?

mukeshnegi - 
Can anybody let me know what are the minimum eligibility criteria to clam Maternity Benefits under Maternity Act.

Hello Everbody,

Please Update as EDLI Death Benefit is increased to 1,30,000/- maximum.

If somebody had earned maximum wage 6500 for last twelve month multiplied by twenty or average twelve month's wage multiplied by twenty but not more than 1,30,000/- in any case.

Pleas refer "The Gazette of India" Extraordinary Part - II - Section 3 - Sub section (i) dated January 8 2011 (No.8)

Suresh Singh

Found This Useful? +Vote Up This Page Via Google.  

Why Vote? User validation is extremely important for good content to prosper.
Disclaimer: This network and the advice provided in good faith by our members only facilitates as a direction towards the actions necessary. The advice should be validated by proper consultation with a certified professional. The network or the members providing advice cannot be held liable for any consequences, under any circumstances.
COMMUNITY SPONSORS


Explore Topical Knowledge Areas

Interesting Relevant Discussions


DISCUSSSION STATISTICS


2
LIKES

3204
VIEWS

8
REPLIES

PLEASE KEEP YOUR CONDUCT PROFESSIONAL AND POLITE


3M Users, 100K+ Documents & 450K+ Discussions

Share »

Community Support & Professional Insights. Login & Explore or Register.
Email/Username     Password  

About Us - Advertise - Contact Us - RSS   On Google+  
All trademarks and copyrights held by respective owners. Member comments are owned by the poster.
Privacy Policy | Disclaimer | Terms Of Service
Facebook Page | Follow Us On Twitter | Linkedin Network