What is the Employees Deposit Linked Insurance (EDLI) Scheme?
ЁЯСЙThe Centre has decided to extend providing benefits of EmployeesтАЩ Deposit Linked Insurance (EDLI) Scheme to all subscribers of EmployeesтАЩ Provident Fund Organisation and their family members till further notice.
ЁЯУНEmployees Deposit Linked Insurance (EDLI) Scheme:
ЁЯСЙEDLI is an insurance scheme that was launched by the Government in 1976.
ЁЯСЙThis scheme was launched with the objective of providing social security benefits to the employees of the private sector for whom such benefits were not commonly provided by the employer.
ЁЯСЙThe EDLI scheme is managed and administered by the Employees Provident Fund Organisation (EPFO), and the scheme provides term life insurance cover on the life of the member employee.
ЁЯСЙThe EDLI scheme covers all organizations registered under the Employees Provident Fund (EPF) and Miscellaneous Provisions Act, 1952.
ЁЯСЙThis scheme works in combination with the EPF and the Employees' Pension Scheme (EPS).
ЁЯСЙThe extent of the benefit is decided by the last drawn salary of the employee.
ЁЯСЙThe registered nominee of the EDLI scheme receives a lump-sum payment in the event of the death of the EPF member, during the period of the service.
ЁЯСЙThe nominee registered in the EDLI is the same as registered in the EPF Scheme.