Understanding EDLI Claim Process: Is It Time to Switch from LIC for Better Settlements?

Dear Sir,

We have opted for Group Term Insurance with LIC in lieu of EDLI since 1987. Now, we may need to discontinue our scheme with LIC if the claim settlement is better elsewhere. Therefore, dear seniors and CiteHR subscribers, kindly explain the claim settlement process under the Employees' Provident Fund Organisation for a claim amount of Rs. 3,60,000 under EDLI, 1976.

Thank you.

Dear Gunnam_bhagavan,

To my knowledge, LIC provides Rs. 3,62,000 on natural death and Rs. 7,24,000 on accidental death. For double accident benefit, a higher premium is to be paid. This is the highest amount receivable towards EDLI for the time being.

Abbas.P.S

Sir,

This message is not sufficient for me as you mentioned that the amount is Rs. 3,62,000 under LIC. However, I would like to understand how to calculate the death benefit using different factors such as PF balance and the last 60 months' wages.

Dear Friend,

As per the latest amendment, EDLI benefit has been increased to Rs. 6,00,000. Kindly do the needful.

Rgds

Dear friends,

In the Employees' Deposit Linked Insurance (EDLI) scheme, the maximum benefit is 24 times the ceiling salary, which is Rs. 15,000, totaling Rs. 3,60,000. Additionally, LIC is providing an extra Rs. 2000. As for the proposed hike in the EDLI benefit to Rs. 6,00,000, EPFO has not yet released a circular on this matter.

Abbas.P.S