All About EDLI - Employee Deposit Linked Insurance Scheme PDF

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December 25, 2015 by Chandrakant Mishra

EDLI or employee deposit linked scheme is an insurance policy to Select Interest
give life cover to the employees of organised sector. It is a group term
insurance. The family of employee gets the sum assured if an employee Tax Saving
dies during the service period. The scheme is applicable to all the
organisation which are part of the EPF. The term and condition of this Investments
scheme is set by the employees provident fund organisation.
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How To Subscribe EDLI
Employee deposit linked insurance scheme is clubbed with the employee
provident fund scheme and employee pension scheme. An employee has to
subscribe these three schemes altogether. The subscription to EDLI is Recent Posts
automatic with employee provident fund scheme. It is the responsibility of
the employer to get its employee subscribed for the EPF schemes. Form 16: Format, Rules
and Importance For
Salaried Individuals
An employee can’t selectively choose a scheme Ads by Google
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Contribution to Employee Deposit Linked Income From Other
Insurance Scheme Sources For Tax
Calculation
The employee does not contribute to this scheme directly. Rather, the
contribution to this scheme is done by the employers. Restriction on EPF
Withdrawal Ended, 10
The contribution to EDLI is also clubbed with the EPF contribution. The Things To Know
contribution to these three schemes is done according to a formula. The
fixed percentage of salary plus DA is routed for this scheme. Unified Payment Interface
Would Change the Way
We Pay Money
Employee Employer
EPF 12% employee contribution – EPS contribution
EPF Withdrawal Checklist
EPS nil 8.33% (Maximum Rs 1250)
for 99% Success Rate
EDLI nil 0.5% (Maximum Rs 75)

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Rules of EDLI
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Every employee who is the New Interest Rate of PPF,
member of Provident fund NSC, KVP, SCSS, SSA
gets covered under EDLI. and Post Office Deposits
The coverage is for 24 hours. It is not related to the working hours. Top 10 Income Tax
Calculators of FY 201617
The coverage is for the whole earth. Being at the workplace is not (Also Excel Download)
necessary.
Surcharge on Income Tax
There are no exclusions under this policy. on Income Above Rs One
Crore
The insurance coverage is linked to the pay of the employee.
The coverage and premium is similar to every employee. Age or any Budget 2016 Highlights:
individual factor does not make any effect. Top 20 Announcements
For an Individual
There is no minimum limit of service to avail the EDLI benefit.
Earlier, to be eligible for EDLI, minimum 12 months service with the Income Tax Slab Rate for
present employer was required. FY 2016 17 / AY 201718
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The Insurance Claim Amount
The claim amount of the EDLI is decided by the last drawn salary of the
employee. The claim amount would be the 30 times of the salary. Along
with this, the bonus of Rs 1.5 lakh is also given. For this calculation salary is
‘basic pay plus DA’.
Since, there is a ceiling of salary considered for the EDLI contribution, the
claim amount also has the upper limit. The wage ceiling for the EDLI is Rs
15,000. Thus, the maximum EDLI claim amount would be Rs 6 lakh [(30
x15,000) + 1,50,000]
Procedure To Claim EDLI Amount Exclusions District

Additional Atal
In case of an unfortunate death of the employee, the nominee can claim the
insured amount. If there is no nominee, the legal heir can claim the amount.
To claim EDLI, the form 5 should be used. It is better to submit the claim
form with EPF withdrawal form.
Who Can Claim EDLI Amount
1. Members of family (Nominees) nominated under EPF Scheme.
2. In case of no nomination, all members of family (except the major
son, married daughters having husband alive, and major son,
married daughters having husband alive of the deceased son of the
deceased member.)
3. In case of no family, and no nomination, legal heir.
4. Guardian of a minor nominee/family member/legal heir.
Claim Form Instructions
The claim under EDLI is admissible only if the deceased person was in
active service during the death.
The EDLI claim form should be submitted along with Form 20 and form
10D/10C (for claiming the Provident Fund dues and
Pension/Withdrawal Benefit as applicable). It facilitates to process the
benefits of the scheme in one go.
All details should be written in BLOCK LETTERS and there should not
be any overwriting.
In case the deceased member was a married female, her Husband’s
name should be mentioned in the column 1 (b) of the form.
Details of Bank Account for receiving payment: Correct name, branch
and address of the Bank where the claimant is maintaining account
should be furnished as payment is sent directly to the Bank.
For ensuring correctness of bank details, a copy of the blank/cancelled
cheque should be attached with the claim form.
The form has to be filled up separately by each claimant.
In case the claimant is minor it should be filled up by the guardian on
his / her behalf.
Documents To Be Enclosed
1. Death Certificate of the member
2. Guardianship certificate if the claim on behalf of a minor family
member/nominee/legal heir is by other than the natural guardian.
3. Succession certificate in case of claim by the legal heir.
4. Copy of a cancelled/blank cheque of the bank account in which
payment is opted.
5. In case the members were last employed under an establishment
exempted under the EPF Scheme 1952, the employer of such
establishment should furnish the PF details of last 12 months under
the Certificate part and also send an attested copy of the Member’s
Nomination Form.
Attestation of the Claim
The application should be got attested by the employer under whom the
member was last employed. In case the establishment is closed and there is
no Authorised Officer to attest the claim form, it can be attested with official
seal by any of the following officials. ( 1) Magistrate( 2) A Gazetted Officer
(3) Post/SubPost Master (4) President of the Village Panchayat where there
is not Union Board,( 5) Chairman/Secretary/Member of Municipal/District
Local Board,( 6) Member of Parliament/Legislative Assembly (7) Member of
CBT/Regional Committee EPF( 8) Manager of the Bank in which the Bank
Account is maintained (9) Head of any recognized educational institution
Other Alternatives of EDLI
The purpose of Employee Depoist linked scheme is to give the term
insurance cover to every emplyee. Therefore, If an employer gives term
insurance cover to all of its employee, It is not required to contribute for the
EDLI.
The employer, if wishes, can opt for group term insurance scheme in lieu of
EDLI. There is one condition with this relaxation. The benefit of such group
term insurance scheme should be equal to or better than the EDLI. The
EPFO itself approves the group term insurance scheme in lieu of EDLI.
Indeed there are many group term insurance schemes which give better
benefits. These scheme are popular among private employers. These
schemes give an option to add some more feature such as accident benefit
after paying some extra premium.
Group Insurance Schemes in Lieu of EDLI
LIC’s Group Insurance Scheme
It is a group term insurance scheme by the biggest insurer of India.
1. The premium payable by the employer is usually less when the
salary level is high and average age of the group is low.
2. Settlement of claim is quicker, LIC requires only the death certificate
and the Claim Form from the employer.
3. Premium paid by the employer is treated as normal business
expenses for IncomeTax purpose.
4. The sum assured can be uniform for every employee, irrespective of
age and service period.
ICICI Group Term Insurance
This scheme is similar to the LIC group term insurance. But, In addition to
the basic life cover ICICI Pru offers additional cover for accidental death.
These are offered as riders to the basic plan for an additional premium.
Accident and Disability Benefit Rider
If death occurs as a result of an accident during the term of the policy, the
beneficiary shall receive an additional amount equal to the accident cover
under the rider. If the accidental death occurs during the term of the policy,
while the employee is traveling, he/she will get twice the accident cover
under the rider. If the employee is totally and permanently disabled as a
result of an accident an additional benefit of 10% of the Sum Assured is paid
every year for 10 years commencing from the first anniversary of the
disability date. Premiums under this rider falling due on or after the disability
date shall be waived.
Accident Benefit Rider
Under this rider an amount equal to sum assured under the rider is payable
in the event of death of the Life Assured due to accident
HDFC Life Group Term Insurance Plan
This plan has the following features
1. Addition and deletion of members anytime during the year
2. Employees can be additionally covered by riders e.g. accidental/
critical illness / disability
3. Offers flexibility to cover the spouse of the member
4. Simplified –Enrolment process
5. Easy claim settlement process enabling speedy & quick settlement.
Along with these big three some other life insurance companies also offers
group term insurance scheme in lieu of of the EDLI.
Reliance Group Term Assurance Plan EDLI
Bajaj Allianz Group Term Life
Max Life Group Super Life Premier
SUD Life Group Term Insurance Scheme
This is the complete information about the Employee deposit Linked
Insurance scheme (EDLI). If I have missed something Please add in t he
comments section.
Last Updated: 25th December, 2015
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Chandrakant Mishra
I am the person behind this Blog. I started this blog just
to share useful information. After getting overwhelming
response this pastime became my passion. Job with
CNBC Awaaz also helped me to explore the world of
Investment, Saving, Insurance, and Tax. Now I am a fulltime personal
finance blogger.
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4 Comments PlanMoneyTax 
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Join the discussion…
Vipul Patel • 25 days ago
My company has deducted the PF and the company has EDLI Scheme. from my
side my PF Contribution is Rs. 1800.00 Per month. I want to know if I have to claim
under the EDLI Scheme then how much amount will my nominee will receive.
△ ▽ • Reply • Share ›
Devaraj • 4 months ago
Which one is better the EDLI of EPFO or LIC or other ? if you can bring some
comparison, it would help employees to decide. Now a days companies have started
sending email to employees to accept change over from EPFO to LIC
Chandrakant Mishra Mod > Devaraj • 4 months ago

Hi Devaraj
As far I know, You don't have any say in this regard. The employer itself
chooses the EDLI insurer.
Regards
harshhal bandekar • 4 months ago
HI, It was mentioned that EDLI is going to hike up the benefit from 3.6 lacs to 6 Lacs.
It was in the news also ( http://indianexpress.com/artic... ) any update on that ?
Given an option by employer, which of the two would you suggest, the one by EPFO
or the private players (LIC, Kotak etc)
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AvatarAnkit — Hi Mr. Mishra, A good AvatarChandrakant Mishra — Hi This whole
reply...infact a very good reply..... I post is about the calculators for FY
totally agree with you.....Insurance is 201617. Cheers
neither bought in india, …
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5/5/2016 All About EDLI : Employee Deposit Linked Insurance Scheme

for the economic health of the society at large, the government introduced Getting required home loan is not

Tips To Increase Ho…

EPF 12% employee contribution – EPS contribution

EDLI nil 0.5% (Maximum Rs 75)

Procedure To Claim EDLI Amount Exclusions District

 Recommend 3 ⤤ Share Sort by Newest

Chandrakant Mishra Mod > Devaraj • 4 months ago

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