EPFO ALERT! Do you know THESE IMPORTANT FEATURES of Employees' Deposit Linked Insurance Scheme (EDLI) scheme? Check benefits here
The Employees' Deposit Linked Insurance (EDLI) is one of the three schemes operated by the Employees' Provident Fund Organisation (EPFO). There are certain salient features of the scheme of the employees must be aware of. One can login to the official EPFO website at epfindia.gov.in.
Employees' Deposit Linked Insurance Scheme: The Employee Provident Fund (EPF) also referred to as Provident Fund (PF) is a government-backed scheme and is a compulsory deduction for salaried employees. It is a fund to which both the employee and employer contribute 10 per cent of the employee’s basic salary each month. The Employees' Deposit Linked Insurance (EDLI) is one of the three schemes operated by the Employees' Provident Fund Organisation (EPFO). There are certain salient features of the scheme of the employees must be aware of. One can login to the official EPFO website at epfindia.gov.in.
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Recently, the EPFO has tweeted from its official Twitter handle, the salient features of the EDLI scheme 1976. The tweet said, "Salient Features of Employees' Deposit Linked Insurance (EDLI) Scheme, 1976."
— EPFO (@socialepfo) June 23, 2021
The salient features of the EDLI Scheme, 1976 are as follows:
1) It provides maximum assured benefit up to Rs 7 lakh to be paid to the nominee or legal heir of the EPF member if death occurs while in service
2) The minimum assurance benefit is of Rs 25 lakh in case the deceased member was in continuous employment for 12 months prior to his or her death
3) The minimal contribution by employer @0.5 per cent of employees' monthly wages, up to wage ceiling of Rs 15,000
4) No contribution has to be paid by the employees
5) There will be auto enrolment of the PF members in the EDLI scheme
6) The benefits will be directly credited to the bank account of the nominee or legal heir
Certain things must be noted in this respect. One must be aware of the fact that the nomination under the EPF scheme will be applicable for the EDLI scheme also. In order to claim the insurance benefit by the nominee or beneficiary in case of the member's death, he or she has to fill the form 51F.
For more information, one must login to the official website of EPFO at epfindia.gov.in.
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