Understanding EDLI Scheme Exemption: What Extra Perks Does LIC's GI Offer?

I just want to know what the benefits are of taking EDLI scheme exemption and getting GI from LIC of India. What are the additional benefits if we obtain them from LIC?

Comparison of LIC and EDLI Schemes

LIC has schemes that provide flat compensation in case of death, whereas EDLI is restricted to an amount calculated based on the amount credited to 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

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.

If any organization has a consultant for PF and EDLI with the LIC office, who is responsible for submitting Form No. 7IF Monthly Return to the PF office every month—the consultant or the employer?