I would like to know the procedure to convert Employee Deposit Linked Insurance (EDLI) to Life Insurance Corporation (LIC). Is there any separate form required for the same?
As per my information, first, we have to apply to the Central PF Commissioner. But is there any specific form for that? And how are the procedures after that - Does the PF directly direct us to the LIC or do we have to consult the LIC people? What about the monthly and annual returns as we do in the case of EDLI? What would be the procedure for the same in the case of LIC?
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As per my information, first, we have to apply to the Central PF Commissioner. But is there any specific form for that? And how are the procedures after that - Does the PF directly direct us to the LIC or do we have to consult the LIC people? What about the monthly and annual returns as we do in the case of EDLI? What would be the procedure for the same in the case of LIC?
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Exemption from the operation of Employees' Deposit Linked Insurance is granted by the Employees' Provident Fund Organisation only when the EPFO is satisfied that the group insurance scheme provided by LIC and availed by the company is more beneficial to the employees than its own scheme, i.e., EDLI. Therefore, to obtain an exemption, the LIC scheme chosen should be the ideal one. Once you have entered into such a group insurance contract with LIC, you can apply for exemption. I am unsure if there is a specific form required for this purpose. If there is, you can obtain it from EPFO directly.
Regards,
Madhu.T.K
From India, Kannur
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4527Regards,
Madhu.T.K
From India, Kannur
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Kerala HC- employee entitled to higher amt if recd from insurance co 18092017.pdf
Group Insurance Scheme in Lieu Of EDLI.doc