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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

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December25,2015byChandrakantMishra

EDLIoremployeedepositlinkedschemeisaninsurancepolicyto

SelectInterest

givelifecovertotheemployeesoforganisedsector.Itisagroupterm
insurance.Thefamilyofemployeegetsthesumassuredifanemployee
diesduringtheserviceperiod.Theschemeisapplicabletoallthe
organisationwhicharepartoftheEPF.Thetermandconditionofthis
schemeissetbytheemployeesprovidentfundorganisation.
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Investments

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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

Max Bupa Health Insurance

WhatistheNeedof
EDLI?

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Employeedepositlinked
insuranceschemeisasocial

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securityscheme.Itgives
necessarycovertothefamilyof

Introducing Le 1s Eco

employees.Theschemeisan
efforttoprotectthelarge

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populationfromthehardship.

Tweets by @PlanMoneyTax
InIndia,peoplearenotawareoftheinsuranceplanningandretirement
planning.Ifnotforced,rarelyanemployeetakesaninsurancecover.Hence,
fortheeconomichealthofthesocietyatlarge,thegovernmentintroduced
socialsecurityschemes.Theemployeeprovidentfund,Employeepension
schemeandEmployeedepositlinkedinsuranceschemearesuchschemes.
Theseschemesarefortheorganisedsectoremployee.
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Similarly,thegovernmenthasalsolaunchedmany
socialsecurityschemesfortheunorganised
sector.Forexample,AtalPensionyojana,
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PradhanMantriJanSurakshayojana,PPF

accountaresuchschemes.

HowToSubscribeEDLI
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Chandrakant Mishra
@PlanMoneyTax
Getting required home loan is not
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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

Employeedepositlinkedinsuranceschemeisclubbedwiththeemployee
providentfundschemeandemployeepensionscheme.Anemployeehasto
subscribethesethreeschemesaltogether.ThesubscriptiontoEDLIis
automaticwithemployeeprovidentfundscheme.Itistheresponsibilityof
theemployertogetitsemployeesubscribedfortheEPFschemes.
Anemployeecantselectivelychooseascheme
amongthesethree.He/shehastosubscribeall
thethreeschemes.Theseschemescanbe
transferredwiththechangeinjob.

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AlsoRead:OnlineTransferofPFaccount

ContributiontoEmployeeDepositLinked
InsuranceScheme

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Theemployeedoesnotcontributetothisschemedirectly.Rather,the
contributiontothisschemeisdonebytheemployers.

RestrictiononEPF
WithdrawalEnded,10

ThecontributiontoEDLIisalsoclubbedwiththeEPFcontribution.The

ThingsToKnow

contributiontothesethreeschemesisdoneaccordingtoaformula.The
fixedpercentageofsalaryplusDAisroutedforthisscheme.

UnifiedPaymentInterface
WouldChangetheWay

EPF

Employee

Employer

12%

employeecontributionEPScontribution

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WePayMoney

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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

EPS

nil

EDLI nil

8.33%(MaximumRs1250)
0.5%(MaximumRs75)

EPFWithdrawalChecklist
for99%SuccessRate
NACH:NewWayTo
AutomaticRegular
PaymentsandSIP

RulesofEDLI

InterestonInoperative
EmployeeDepositlinked
insuranceschemeisa
comprehensivegroupterm
insurance.Itcoversthedeathof
employeeirrespectiveofthe
cause.

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Everyemployeewhoisthe
memberofProvidentfund

NewInterestRateofPPF,

getscoveredunderEDLI.

andPostOfficeDeposits

Thecoverageisfor24hours.Itisnotrelatedtotheworkinghours.

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Thecoverageisforthewholeearth.Beingattheworkplaceisnot

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NSC,KVP,SCSS,SSA

necessary.
SurchargeonIncomeTax
Therearenoexclusionsunderthispolicy.

onIncomeAboveRsOne
Crore

Theinsurancecoverageislinkedtothepayoftheemployee.
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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

Thecoverageandpremiumissimilartoeveryemployee.Ageorany

Budget2016Highlights:

individualfactordoesnotmakeanyeffect.

Top20Announcements
ForanIndividual

ThereisnominimumlimitofservicetoavailtheEDLIbenefit.
Earlier,tobeeligibleforEDLI,minimum12monthsservicewiththe

IncomeTaxSlabRatefor

presentemployerwasrequired.

FY201617/AY201718
NewEPFWithdrawal
RulesFrom2016!!You
CantMissit
9SecretRulesofEPF
ThatEveryoneMisses
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AccountBalance,Enquiry
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Features,Benefitand
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SBIFlexiPayHomeLoan
EMICalculation

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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

TheInsuranceClaimAmount
TheclaimamountoftheEDLIisdecidedbythelastdrawnsalaryofthe
employee.Theclaimamountwouldbethe30timesofthesalary.Along
withthis,thebonusofRs1.5lakhisalsogiven.Forthiscalculationsalaryis
basicpayplusDA.
Since,thereisaceilingofsalaryconsideredfortheEDLIcontribution,the
claimamountalsohastheupperlimit.ThewageceilingfortheEDLIisRs
15,000.Thus,themaximumEDLIclaimamountwouldbeRs6lakh[(30
x15,000)+1,50,000]

ProcedureToClaimEDLIAmount

Exclusions
Additional

District
Atal

Incaseofanunfortunatedeathoftheemployee,thenomineecanclaimthe
insuredamount.Ifthereisnonominee,thelegalheircanclaimtheamount.
ToclaimEDLI,theform5shouldbeused.Itisbettertosubmittheclaim
formwithEPFwithdrawalform.

WhoCanClaimEDLIAmount
1.Membersoffamily(Nominees)nominatedunderEPFScheme.
2.Incaseofnonomination,allmembersoffamily(exceptthemajor
son,marrieddaughtershavinghusbandalive,andmajorson,
marrieddaughtershavinghusbandaliveofthedeceasedsonofthe
deceasedmember.)
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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

3.Incaseofnofamily,andnonomination,legalheir.
4.Guardianofaminornominee/familymember/legalheir.

ClaimFormInstructions
TheclaimunderEDLIisadmissibleonlyifthedeceasedpersonwasin
activeserviceduringthedeath.
TheEDLIclaimformshouldbesubmittedalongwithForm20andform
10D/10C(forclaimingtheProvidentFundduesand
Pension/WithdrawalBenefitasapplicable).Itfacilitatestoprocessthe
benefitsoftheschemeinonego.
AlldetailsshouldbewritteninBLOCKLETTERSandthereshouldnot
beanyoverwriting.
Incasethedeceasedmemberwasamarriedfemale,herHusbands
nameshouldbementionedinthecolumn1(b)oftheform.
DetailsofBankAccountforreceivingpayment:Correctname,branch
andaddressoftheBankwheretheclaimantismaintainingaccount
shouldbefurnishedaspaymentissentdirectlytotheBank.
Forensuringcorrectnessofbankdetails,acopyoftheblank/cancelled
chequeshouldbeattachedwiththeclaimform.
Theformhastobefilledupseparatelybyeachclaimant.
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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

Incasetheclaimantisminoritshouldbefilledupbytheguardianon
his/herbehalf.

DocumentsToBeEnclosed
1.DeathCertificateofthemember
2.Guardianshipcertificateiftheclaimonbehalfofaminorfamily
member/nominee/legalheirisbyotherthanthenaturalguardian.
3.Successioncertificateincaseofclaimbythelegalheir.
4.Copyofacancelled/blankchequeofthebankaccountinwhich
paymentisopted.
5.Incasethememberswerelastemployedunderanestablishment
exemptedundertheEPFScheme1952,theemployerofsuch
establishmentshouldfurnishthePFdetailsoflast12monthsunder
theCertificatepartandalsosendanattestedcopyoftheMembers
NominationForm.

AttestationoftheClaim
Theapplicationshouldbegotattestedbytheemployerunderwhomthe
memberwaslastemployed.Incasetheestablishmentisclosedandthereis
noAuthorisedOfficertoattesttheclaimform,itcanbeattestedwithofficial
sealbyanyofthefollowingofficials.(1)Magistrate(2)AGazettedOfficer
(3)Post/SubPostMaster(4)PresidentoftheVillagePanchayatwherethere
isnotUnionBoard,(5)Chairman/Secretary/MemberofMunicipal/District
LocalBoard,(6)MemberofParliament/LegislativeAssembly(7)Memberof
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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

CBT/RegionalCommitteeEPF(8)ManageroftheBankinwhichtheBank
Accountismaintained(9)Headofanyrecognizededucationalinstitution

OtherAlternativesofEDLI
ThepurposeofEmployeeDepoistlinkedschemeistogivetheterm
insurancecovertoeveryemplyee.Therefore,Ifanemployergivesterm
insurancecovertoallofitsemployee,Itisnotrequiredtocontributeforthe
EDLI.
Theemployer,ifwishes,canoptforgroupterminsuranceschemeinlieuof
EDLI.Thereisoneconditionwiththisrelaxation.Thebenefitofsuchgroup
terminsuranceschemeshouldbeequaltoorbetterthantheEDLI.The
EPFOitselfapprovesthegroupterminsuranceschemeinlieuofEDLI.
Indeedtherearemanygroupterminsuranceschemeswhichgivebetter
benefits.Theseschemearepopularamongprivateemployers.These
schemesgiveanoptiontoaddsomemorefeaturesuchasaccidentbenefit
afterpayingsomeextrapremium.

GroupInsuranceSchemesinLieuofEDLI
LICsGroupInsuranceScheme
ItisagroupterminsuranceschemebythebiggestinsurerofIndia.

http://www.planmoneytax.com/edliemployeedepositlinkedinsurancescheme/

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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

1.Thepremiumpayablebytheemployerisusuallylesswhenthe
salarylevelishighandaverageageofthegroupislow.
2.Settlementofclaimisquicker,LICrequiresonlythedeathcertificate
andtheClaimFormfromtheemployer.
3.Premiumpaidbytheemployeristreatedasnormalbusiness
expensesforIncomeTaxpurpose.
4.Thesumassuredcanbeuniformforeveryemployee,irrespectiveof
ageandserviceperiod.

ICICIGroupTermInsurance
ThisschemeissimilartotheLICgroupterminsurance.But,Inadditionto
thebasiclifecoverICICIPruoffersadditionalcoverforaccidentaldeath.
Theseareofferedasriderstothebasicplanforanadditionalpremium.

AccidentandDisabilityBenefitRider
Ifdeathoccursasaresultofanaccidentduringthetermofthepolicy,the
beneficiaryshallreceiveanadditionalamountequaltotheaccidentcover
undertherider.Iftheaccidentaldeathoccursduringthetermofthepolicy,
whiletheemployeeistraveling,he/shewillgettwicetheaccidentcover
undertherider.Iftheemployeeistotallyandpermanentlydisabledasa
resultofanaccidentanadditionalbenefitof10%oftheSumAssuredispaid
everyyearfor10yearscommencingfromthefirstanniversaryofthe
disabilitydate.Premiumsunderthisriderfallingdueonorafterthedisability
dateshallbewaived.
http://www.planmoneytax.com/edliemployeedepositlinkedinsurancescheme/

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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

AccidentBenefitRider
Underthisrideranamountequaltosumassuredundertheriderispayable
intheeventofdeathoftheLifeAssuredduetoaccident

HDFCLifeGroupTermInsurancePlan
Thisplanhasthefollowingfeatures
1.Additionanddeletionofmembersanytimeduringtheyear
2.Employeescanbeadditionallycoveredbyriderse.g.accidental/
criticalillness/disability
3.Offersflexibilitytocoverthespouseofthemember
4.SimplifiedEnrolmentprocess
5.Easyclaimsettlementprocessenablingspeedy&quicksettlement.
Alongwiththesebigthreesomeotherlifeinsurancecompaniesalsooffers
groupterminsuranceschemeinlieuofoftheEDLI.
RelianceGroupTermAssurancePlanEDLI
BajajAllianzGroupTermLife
http://www.planmoneytax.com/edliemployeedepositlinkedinsurancescheme/

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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

MaxLifeGroupSuperLifePremier
SUDLifeGroupTermInsuranceScheme

ThisisthecompleteinformationabouttheEmployeedepositLinked
Insurancescheme(EDLI).IfIhavemissedsomethingPleaseaddinthe
commentssection.
LastUpdated:25thDecember,2015

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AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

ChandrakantMishra
IamthepersonbehindthisBlog.Istartedthisblogjust
toshareusefulinformation.Aftergettingoverwhelming
responsethispastimebecamemypassion.Jobwith
CNBCAwaazalsohelpedmetoexploretheworldof
Investment,Saving,Insurance,andTax.NowIamafulltimepersonal
financeblogger.

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4Comments

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Jointhediscussion
VipulPatel 25daysago

MycompanyhasdeductedthePFandthecompanyhasEDLIScheme.frommy
sidemyPFContributionisRs.1800.00Permonth.IwanttoknowifIhavetoclaim
undertheEDLISchemethenhowmuchamountwillmynomineewillreceive.

Reply Share

Devaraj 4monthsago

WhichoneisbettertheEDLIofEPFOorLICorother?ifyoucanbringsome
comparison,itwouldhelpemployeestodecide.Nowadayscompanieshavestarted
sendingemailtoemployeestoacceptchangeoverfromEPFOtoLIC

Reply Share

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5/5/2016

AllAboutEDLI:EmployeeDepositLinkedInsuranceScheme

ChandrakantMishra

Mod >Devaraj

4monthsago

HiDevaraj
AsfarIknow,Youdon'thaveanysayinthisregard.Theemployeritself
choosestheEDLIinsurer.
Regards

Reply Share

harshhalbandekar 4monthsago

HI,ItwasmentionedthatEDLIisgoingtohikeupthebenefitfrom3.6lacsto6Lacs.
Itwasinthenewsalso(http://indianexpress.com/artic...)anyupdateonthat?
Givenanoptionbyemployer,whichofthetwowouldyousuggest,theonebyEPFO
ortheprivateplayers(LIC,Kotaketc)

Reply Share

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AvatarAnkitHiMr.Mishra,Agood
reply...infactaverygoodreply.....I
totallyagreewithyou.....Insuranceis
neitherboughtinindia,

AvatarChandrakantMishraHiThiswhole
postisaboutthecalculatorsforFY
201617.Cheers

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