Queries
hi all,, Just share ur knowlege about EDLI,and its benefits,how to fit with this...

31st May 2011 From India, Tiruchchirappalli

PARTICIPATING IN DISCUSSION:
Mukesh_azad
Labour Matters
8Mohan8
Administration
Jeejha
Sr. Exe Hr

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.
31st May 2011 From India, Gurgaon
Dear Sir, Mukesh Azad (Advocate & Management Consultant), thanx a lot for the valuable information provided by you
13th July 2013 From India, Salai
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