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Wednesday, June 30, 2010

Life insurance benefits to Provident Fund employees increased to Rs.1lakh under Deposit linked Insurance scheme (EDLI)

EDLI Scheme amended:  In effect, on death during employment, Family member/nominee will get the following:

  • if Average balance is more than Rs.50,000/-
  • then Insurance Amount = Rs. 50,000/- + 40% (Excess), subject to a maximum of Rs. 1,00,000/-

Paragraph 22 of Employees Deposit Linked Insurance Scheme, 1974

22.       Scales of assurance benefit and the minimum average balance to be maintained by an employee. – (1)  On the death of an employee, who is a member of the Fund or of a provident fund exempted under section 17 of the Act, as the case may be, the persons entitled to receive the provident fund accumulations of the deceased shall, in addition to such accumulations be paid an amount, equal to the average  balance in the account of the deceased in the Fund or of a Provident Fund exempted under Section 17 of the Act, as the case may be, during preceding twelve months or during the period of his membership, whichever is less, except where the average balance exceeds Rs.50,000 (erstwhile limit was Rs.25,000/-), the amount payable shall be Rs.50,000 (erstwhile Rs.25,000/-)plus 40% (earlier limit was 25%) of the amount in excess of Rs.50,000 (erstwhile Rs.25,000/-) subject to a ceiling of Rs. 1 lakh (earlier Rs. 35,000).

Download Notification No. GSR 523(E) dated 18th June 2010.

34 comments:

Life Insurance said...

Life Insurance is Financial Security For Your Dependants.

Jhon smith said...

good scheme...
warm welcomed..

HyunChard said...

I’ve encountered different life insurance offerings, still I get any of it. I need someone who could assure me the reliability of an insurance company to be safe.

ad said...

Nice post

commercial insurance said...

Its good to know that provident fund employees are benefited from this scheme. I wanted to know that if these scheme is also available for other people also who are not the employees ? Please provide with the information and some more plans that are similar like this scheme and for non employers.

Prasad said...

Dear freinds
I want to know if any employee joined the orgnisation just before 6 months and he deid.then what wiill be calculation?

David from getfreeinsurancequotes.co.za said...

Certainly, businesses who provide insurance benefits can attract better employees and retain existing workers.

Anonymous said...

Dear All seniers,

I have one dought about EDLI compensation
If the avg ballance of employee is more than 1 lack then what will be the slab?
If avg ballance is 70000\-
in this case he will get 50000 and 25% on remaining ballance that is 5000rs. bt if it is goes above 1 lack hen what will be the calculation?

Roza Khan said...

I want to take a insurance plan..Can any one tell me that
http://www.dialabank.com/life-insurance-pension-plan.cfm is this feasible for me or not.

sahil verma said...

This article give the beneficial information about provident funds for the employees and some precaution taken by them. For further details visit at...
SBI Life Insurance

Michael Walton said...

Its good to know that provident fund employees are benefited from this scheme.Thank you for share this.
income insurance

Online life insurance said...

Life Insurance is one of the most important insurance a person should have.. especially if you have a family you must take care of...

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