I just want to know what are the benefits of taking EDLI scheme exemption and taking GI from LIC of India. What are the additional benefits if we get from LIC?
From India, Ludhiana
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From India, Ludhiana
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LIC has schemes that provide for flat compensation in case of death, whereas EDLI is restricted to an amount calculated based on the amount to the credit of the Provident Fund. Currently, the EDLI coverage is made up to a sum of Rs 1 lakh (previously Rs 60,000) without any additional burden on the employer in terms of contribution (the contribution remains the same, i.e., 0.5% of the qualifying salary).
On the other hand, LIC has also increased its compensation to Rs 1,02,000 (from Rs 62,000) but with an additional premium payable by the employer. Nonetheless, the LIC scheme guarantees a flat sum of Rs 1,02,000 regardless of membership in the PF, making it beneficial and the reason for the exemption from contributing to EDLI.
Regards,
Madhu.T.K
From India, Kannur
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4510On the other hand, LIC has also increased its compensation to Rs 1,02,000 (from Rs 62,000) but with an additional premium payable by the employer. Nonetheless, the LIC scheme guarantees a flat sum of Rs 1,02,000 regardless of membership in the PF, making it beneficial and the reason for the exemption from contributing to EDLI.
Regards,
Madhu.T.K
From India, Kannur
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Dear colleagues,
Could you please share the notice that will be displayed on the company notice board, informing employees that the company has opted for a group insurance policy with LIC, instead of the EDLI policy in the EPF department? The notice should include information about the benefits of the policy, its applicability, assurance benefits, and the eligibility criteria for claims (mentioning the latest amendment that increased the benefit from Rs. 3,60,000/- to Rs. 6,00,000).
Thanks & Regards, Rajendra.
From India, Bengaluru
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Could you please share the notice that will be displayed on the company notice board, informing employees that the company has opted for a group insurance policy with LIC, instead of the EDLI policy in the EPF department? The notice should include information about the benefits of the policy, its applicability, assurance benefits, and the eligibility criteria for claims (mentioning the latest amendment that increased the benefit from Rs. 3,60,000/- to Rs. 6,00,000).
Thanks & Regards, Rajendra.
From India, Bengaluru
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Group Insurance Scheme in Lieu Of EDLI.doc
Epf EDLI Amdmt Scheme 2018.pdf