Understanding EDLI Insurance: How Can You Ensure Your Loved Ones Receive Benefits?

How to get benefits from EDLI Insurance?

To receive benefits from the EDLI (Employee's Deposit Linked Insurance) scheme, you must ensure that your employer is contributing to the scheme on your behalf. The EDLI scheme provides life insurance coverage to employees in the organized sector. In the unfortunate event of the insured employee's death, the nominated beneficiary can claim the insurance amount. It is essential to be aware of the terms and conditions of the EDLI scheme and keep your nominee details updated with your employer to ensure a smooth claims process. If you have any specific questions regarding EDLI benefits, it is advisable to consult your HR department or reach out to the Employee Provident Fund Organization (EPFO) for further guidance.

Hi Neeraj,

Employees' Deposit Linked Insurance (EDLI) Scheme Overview

The Employees' Deposit Linked Insurance (EDLI) scheme is a benefit provided under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, in India. It offers life insurance coverage to salaried employees who are members of the Employees' Provident Fund Organization (EPFO). Here's how you can get benefits from the EDLI insurance scheme:

Membership Eligibility

Ensure that you or the employee is a member of the EPFO. EDLI benefits are automatically available to EPF members.

Employer Contribution

The employer contributes a fixed percentage of the employee's salary towards EPF. Part of this contribution goes towards the EDLI scheme.

Check Coverage

The EDLI scheme provides life insurance coverage to employees, with benefits payable to the nominee or legal heir in case of the employee's demise while in service.

Fulfillment of Criteria

To claim the EDLI benefits, the employee must have been a member of the EPF scheme for at least 12 months.

Benefit Amount Calculation

The benefit amount under the EDLI scheme is based on the average monthly salary drawn during the preceding 12 months before the month in which the member dies. Currently, the maximum benefit payable is ₹6 lakhs.

Nominee Details

Ensure that the nominee details are updated with the EPFO. The nominee can claim the EDLI benefits in the event of the employee's demise.

Claim Procedure

In case of the employee's demise, the nominee or legal heir can claim the EDLI benefits by submitting the required documents, including the death certificate, claim form, and other relevant documents, to the EPFO office.

EPFO Assistance

EPFO provides assistance and guidance regarding the claim process. Nominees can contact the EPFO office for any queries or assistance regarding the EDLI claim.

Timely Claim Submission

Ensure that the claim for EDLI benefits is submitted within the stipulated time frame to avoid any delays or complications in processing.

By following these steps and fulfilling the necessary criteria, beneficiaries can avail themselves of the benefits provided under the EDLI scheme. It's also advisable to stay updated with any changes or amendments made to the scheme by the government or EPFO.

Thanks

Maximum benefit payable under EDLI scheme raised to Rs. 7 Lakhs.

N. LOKANADHA BABU
Sr. Manager-HR

Required Documents for Claim Submission

Duly filled Form 5 IF, along with the following documents, should be submitted by the claimant:

1) Death Certificate of the deceased member
2) Legal Heir Certificate of the deceased member
3) Cancelled Cheque Leaf of the claimant

Please ensure all the required documents are provided accurately.