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.
From India, Mumbai
Acknowledge(0)
Amend(0)
539Please 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.
From India, Mumbai
Acknowledge(0)Amend(0)
Life Insurance Benefits for Pension Fund Employees
Life insurance benefits for Pension Fund employees have increased to Rs. 1 lakh under the Deposit-linked Insurance Scheme (EDLI).
The EDLI Scheme has been amended. In the event of death during employment, the family member/nominee will receive the following:
- If the average balance is more than Rs. 50,000, then the insurance amount will be Rs. 50,000 plus 40% of the excess, up to a maximum of Rs. 1,00,000.
From India, Madras
Acknowledge(0)Amend(0)
Life insurance benefits for Pension Fund employees have increased to Rs. 1 lakh under the Deposit-linked Insurance Scheme (EDLI).
The EDLI Scheme has been amended. In the event of death during employment, the family member/nominee will receive the following:
- If the average balance is more than Rs. 50,000, then the insurance amount will be Rs. 50,000 plus 40% of the excess, up to a maximum of Rs. 1,00,000.
From India, Madras
Acknowledge(0)Amend(0)
Employees' Deposit Linked Insurance (EDLI) Scheme Overview
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 receive some compensation based on his/her deposit. To 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/-, the employee will receive the actual amount.
- Beyond the first Rs. 50,000, the employee will get 40% of the rest, subject to a ceiling of Rs. 100,000/-.
Examples
a) Deposit Rs. 100,000
- For the first Rs. 50,000 - Rs. 50,000
- Next Rs. 50,000 - Rs. 20,000
- Total - Rs. 70,000 (will receive the full amount as it does not exceed Rs. 100,000).
b) Deposit Rs. 200,000
- For the first Rs. 50,000 - Rs. 50,000
- Next Rs. 150,000 - Rs. 60,000
- Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
c) Deposit Rs. 300,000
- For the first Rs. 50,000 - Rs. 50,000
- Next Rs. 250,000 - Rs. 100,000
- Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000/-).
However, there are better insurance schemes with the same premium, even without considering the deposits. With these better benefits, some organizations are exempted from EDLI. Instead, they provide alternatives to EDLI. There are schemes that specify more than Rs. 100,000/- for natural death and double benefits for accidental death.
Regards,
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. [Phone Number Removed For Privacy Reasons]
From India, Bangalore
Acknowledge(1)Amend(0)
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 receive some compensation based on his/her deposit. To 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/-, the employee will receive the actual amount.
- Beyond the first Rs. 50,000, the employee will get 40% of the rest, subject to a ceiling of Rs. 100,000/-.
Examples
a) Deposit Rs. 100,000
- For the first Rs. 50,000 - Rs. 50,000
- Next Rs. 50,000 - Rs. 20,000
- Total - Rs. 70,000 (will receive the full amount as it does not exceed Rs. 100,000).
b) Deposit Rs. 200,000
- For the first Rs. 50,000 - Rs. 50,000
- Next Rs. 150,000 - Rs. 60,000
- Total - Rs. 110,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000).
c) Deposit Rs. 300,000
- For the first Rs. 50,000 - Rs. 50,000
- Next Rs. 250,000 - Rs. 100,000
- Total - Rs. 150,000 (will receive Rs. 100,000 only as it exceeds Rs. 100,000/-).
However, there are better insurance schemes with the same premium, even without considering the deposits. With these better benefits, some organizations are exempted from EDLI. Instead, they provide alternatives to EDLI. There are schemes that specify more than Rs. 100,000/- for natural death and double benefits for accidental death.
Regards,
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. [Phone Number Removed For Privacy Reasons]
From India, Bangalore
Acknowledge(1)Amend(0)
When we talk about 50000/- average balance, does it mean average balance per year in PF Account?
From India, New Delhi
Acknowledge(1)Amend(0)
From India, New Delhi
Acknowledge(1)Amend(0)
Hello Everybody,
Please update as the EDLI Death Benefit has increased to ₹1,30,000/- maximum. If someone has earned a maximum wage of ₹6,500 for the last twelve months, it is multiplied by twenty, or the average twelve months' wage is multiplied by twenty, but not more than ₹1,30,000/- in any case. Please refer to "The Gazette of India" Extraordinary Part - II - Section 3 - Subsection (i) dated January 8, 2011 (No.8).
Regards,
Suresh Singh
From India, New Delhi
Acknowledge(0)Amend(0)
Please update as the EDLI Death Benefit has increased to ₹1,30,000/- maximum. If someone has earned a maximum wage of ₹6,500 for the last twelve months, it is multiplied by twenty, or the average twelve months' wage is multiplied by twenty, but not more than ₹1,30,000/- in any case. Please refer to "The Gazette of India" Extraordinary Part - II - Section 3 - Subsection (i) dated January 8, 2011 (No.8).
Regards,
Suresh Singh
From India, New Delhi
Acknowledge(0)Amend(0)
Hello, everyone.
Can anybody help with the calculation of EDLI Death Benefit? The details are as follows:
Date of Joining: 01-07-2017
Date of Death: 18-09-2017 (only 2 and a half months)
PF Earnings:
July 17: 11,700.00
Aug 17: 13,000.00
Sep 17: 2,167.00
Total: 26,867.00
PF Contribution (12%):
July 17: 1,404.00
Aug 17: 1,560.00
Sep 17: 260.00
Total: 3,224.00
Please help me calculate the Death Benefit of the deceased employee.
Regards,
Sashidahran
From India, Kochi
Acknowledge(0)Amend(0)
Can anybody help with the calculation of EDLI Death Benefit? The details are as follows:
Date of Joining: 01-07-2017
Date of Death: 18-09-2017 (only 2 and a half months)
PF Earnings:
July 17: 11,700.00
Aug 17: 13,000.00
Sep 17: 2,167.00
Total: 26,867.00
PF Contribution (12%):
July 17: 1,404.00
Aug 17: 1,560.00
Sep 17: 260.00
Total: 3,224.00
Please help me calculate the Death Benefit of the deceased employee.
Regards,
Sashidahran
From India, Kochi
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Maternity Benefits Act 1961.pdf
Maternity Benefits Under The Maternity Benefits Act 1961.docx