From "dilipsatpute" :
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.
24th June 2010 From India, Mumbai
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.
24th June 2010 From India, Mumbai
thisisvj 
1
1 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:
30th June 2010 From India, Madras
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/-
30th June 2010 From India, Madras
abbasiti 429
429
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
14th August 2010 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.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
14th August 2010 From India, Bangalore
sureshsinghhr
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
15th May 2013 From India, New Delhi
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
15th May 2013 From India, New Delhi
A platform for business and professional insights. Register at Cite.Co and grow professionally with your peers around the world.
EDLI Scheme amendment 81 1 11.pdfDisclaimer: 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.
