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 case of EDLI? What would be the procedure for the same in case of LIC?
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 case of EDLI? What would be the procedure for the same in case of LIC?
Exemption from operation of Employees Deposite Linked Insurance is given by the Provident Fund Organisation only when the EPFO is satisfied that the group insurance scheme of LIC availed by the company is more beneficial to the employees than its own scheme, ie, EDLI. Therefore, in order to get exemption the scheme of LIC taken should be ideal one. Once you enter into such group insurance contract with LIC, you can apply for exemption. I do not know whether there is any exact form for that. If so, you can get it from EPFO only. Regards, Madhu.T.K
From India, Kannur
4193From India, Kannur
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