Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Dear Friends,
How many of us aware that EPF (Employee Provident Fund) offers an inbuilt Life Insurance of up to Rs.6,00,000? This scheme is called EDLI or Employee Deposit Linked Insurance. Let us discuss more about this.
Many of us simply concentrate on EPF and EPS when it comes to monthly deduction towards the EPF. We concentrate on the interest rate on this EPF and when we get the pension from EPS. But we forget the Life Insurance facility provided by EPF.
The reason for such negligence is, earlier this life insurance was too small. But recently The Ministry of Labour & Employment revised this to a maximum of Rs.6,00,000. I feel this is a good amount as you will get it without DIRECTLY paying for this.
Features of EDLI or Employee Deposit Linked Insurance
• All employees who are the members of EPF are automatically eligible for EDLI.
• This Life Insurance coverage is irrespective of death occurred during working hours or non-working hours.
• It covers the death of an employee, irrespective of a cause of death.
• There are no exclusions under this plan.
• Coverage and premium will be purely based on your salary but not on age or gender.
• Earlier there was a condition that one must complete a year to be eligible for EDLI. Recently they removed such restrictions. Hence, you are covered from a first day itself.
• There is no maximum age set for this insurance.
How many of us aware that EPF (Employee Provident Fund) offers an inbuilt Life Insurance of up to Rs.6,00,000? This scheme is called EDLI or Employee Deposit Linked Insurance. Let us discuss more about this.
Many of us simply concentrate on EPF and EPS when it comes to monthly deduction towards the EPF. We concentrate on the interest rate on this EPF and when we get the pension from EPS. But we forget the Life Insurance facility provided by EPF.
The reason for such negligence is, earlier this life insurance was too small. But recently The Ministry of Labour & Employment revised this to a maximum of Rs.6,00,000. I feel this is a good amount as you will get it without DIRECTLY paying for this.
Features of EDLI or Employee Deposit Linked Insurance
• All employees who are the members of EPF are automatically eligible for EDLI.
• This Life Insurance coverage is irrespective of death occurred during working hours or non-working hours.
• It covers the death of an employee, irrespective of a cause of death.
• There are no exclusions under this plan.
• Coverage and premium will be purely based on your salary but not on age or gender.
• Earlier there was a condition that one must complete a year to be eligible for EDLI. Recently they removed such restrictions. Hence, you are covered from a first day itself.
• There is no maximum age set for this insurance.
This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.
Add the url of this thread if you want to cite this discussion.
Listed Under deposit linked insurance life insurance interest rate employee provident fund working hours City-India-Gurgaon Country-India
Buying Life Insurance Policy-Few Tips.pdf
