Dear Friends,
I have learned about the GROUP INSURANCE SCHEME IN LIEU OF EDLI. I want to know if it is advisable to opt for this scheme instead of dealing with the PF office. Your valuable suggestions on this matter would be greatly appreciated.
Thanks, Sanhil
From India, Madras
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2I have learned about the GROUP INSURANCE SCHEME IN LIEU OF EDLI. I want to know if it is advisable to opt for this scheme instead of dealing with the PF office. Your valuable suggestions on this matter would be greatly appreciated.
Thanks, Sanhil
From India, Madras
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Dear Kumar,
Thank you for your valuable suggestion. More benefits are there in LIC EDIL scheme. We have registered with PF only last month. I think it would be a problem if we go now with the LIC EDIL scheme?
Regards,
Sanhil.
From India, Madras
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Thank you for your valuable suggestion. More benefits are there in LIC EDIL scheme. We have registered with PF only last month. I think it would be a problem if we go now with the LIC EDIL scheme?
Regards,
Sanhil.
From India, Madras
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Hi,
As you are aware, EDLI is necessarily a part of the PF scheme. If you want to take a Group Insurance in lieu of EDLI from LIC, you need to get permission from the PF office. The following is the process:
1. You need to get the consent of each and every employee for taking up the Group Insurance in lieu of EDLI.
2. An application needs to be made to the RPFC of your area for granting permission to take up Group Insurance in lieu of EDLI from LIC. The consent taken from employees needs to be attached to this application.
3. Once you get the permission, you need to contact LIC group and pension scheme authorities for taking up this policy.
4. The GI policy (in lieu of EDLI) period is from 1st January to 31st December.
5. The following is the format of information (spreadsheet) to be sent to LIC as of 1st January:
- LIST OF JOINEES (1ST JANUARY ... TO 31ST DECEMBER ...)
- LIST OF EXITS (1ST JANUARY ... TO 31ST DECEMBER ...)
- LIST OF EMPLOYEES AS OF 1ST JANUARY
(1) Sl. No. (2) LIC ID (3) Name (4) Date of Joining (5) Date of Birth (6) Date of Exit, if any (7) Monthly basic salary on which PF is deducted (Rs.)
This policy needs to be renewed every year (January) by sending LIC a cheque along with the above three lists of employees.
Hope the above information is useful.
Regards,
Sasidharan
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As you are aware, EDLI is necessarily a part of the PF scheme. If you want to take a Group Insurance in lieu of EDLI from LIC, you need to get permission from the PF office. The following is the process:
1. You need to get the consent of each and every employee for taking up the Group Insurance in lieu of EDLI.
2. An application needs to be made to the RPFC of your area for granting permission to take up Group Insurance in lieu of EDLI from LIC. The consent taken from employees needs to be attached to this application.
3. Once you get the permission, you need to contact LIC group and pension scheme authorities for taking up this policy.
4. The GI policy (in lieu of EDLI) period is from 1st January to 31st December.
5. The following is the format of information (spreadsheet) to be sent to LIC as of 1st January:
- LIST OF JOINEES (1ST JANUARY ... TO 31ST DECEMBER ...)
- LIST OF EXITS (1ST JANUARY ... TO 31ST DECEMBER ...)
- LIST OF EMPLOYEES AS OF 1ST JANUARY
(1) Sl. No. (2) LIC ID (3) Name (4) Date of Joining (5) Date of Birth (6) Date of Exit, if any (7) Monthly basic salary on which PF is deducted (Rs.)
This policy needs to be renewed every year (January) by sending LIC a cheque along with the above three lists of employees.
Hope the above information is useful.
Regards,
Sasidharan
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Dear All, can any body just help me in telling the maximum Amount which can contributed to p.f, and role of form 37 in esic. waiting for your response sant singh
From India, Calcutta
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From India, Calcutta
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Based on the new amendment, I shall make a brief method of calculation on EDLI.
EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here, deposit means the average deposit in EPF. When an employee dies while in service, the family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
1. Determination of Deposit:
The average deposit of the last twelve months as well as the total service will be calculated, and whichever is less will be taken for the calculation.
2. Determination of Compensation:
Up to Rs. 50,000/-, he will get the actual amount. Beyond the first Rs. 50,000/-, he will get 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Example a) Deposit Rs. 100,000
For the first 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will get the full amount as it is not more than 100,000).
Example b) Deposit Rs. 200,000
For the first 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will get Rs. 100,000 only as it exceeds 100,000).
Example c) Deposit Rs. 300,000
For the first 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will get Rs. 100,000 only as it exceeds 100,000/-)
However, there are better insurance schemes with the same premium, even without considering the deposits. With these types of better benefits, some organizations are exempted from EDLI. Instead, they are provided in lieu of EDLI. There are schemes that specify more than 100,000/- for natural death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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EDLI is the abbreviation of Employees' Deposit Linked Insurance Scheme. Here, deposit means the average deposit in EPF. When an employee dies while in service, the family will get some compensation based on his/her deposit. To get the claim, the employer has to pay 0.5% as its premium.
1. Determination of Deposit:
The average deposit of the last twelve months as well as the total service will be calculated, and whichever is less will be taken for the calculation.
2. Determination of Compensation:
Up to Rs. 50,000/-, he will get the actual amount. Beyond the first Rs. 50,000/-, he will get 40% of the rest; subject to a ceiling of Rs. 100,000/-.
Example a) Deposit Rs. 100,000
For the first 50,000 - 50,000, Next 50,000 - 20,000
Total - Rs. 70,000 (will get the full amount as it is not more than 100,000).
Example b) Deposit Rs. 200,000
For the first 50,000 - 50,000, Next 150,000 - 60,000
Total - Rs. 110,000 (will get Rs. 100,000 only as it exceeds 100,000).
Example c) Deposit Rs. 300,000
For the first 50,000 - 50,000, Next 250,000 - 100,000
Total - Rs. 150,000 (will get Rs. 100,000 only as it exceeds 100,000/-)
However, there are better insurance schemes with the same premium, even without considering the deposits. With these types of better benefits, some organizations are exempted from EDLI. Instead, they are provided in lieu of EDLI. There are schemes that specify more than 100,000/- for natural death and double benefits for accidental death.
Abbas.P.S, ITI Ltd, Palakkad 678 623.
Ph. +91 9447 467 667
From India, Bangalore
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Group Insurance Scheme in Lieu Of EDLI.doc
PF & Pension Amdmt Scheme 2010 for IW.pdf