EPFO: Know Salient Features of Employees' Deposit Linked Insurance
EDLI Scheme 1976 benefit provided in case of death of an employee who was a member of the scheme at the time of death.
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New Delhi: The World's largest Social Security Organisations EPFO releases the salient features for the Provident Fund account holder of EDLI Scheme 1976.
EDLI Scheme 1976 benefit provided in case of death of an employee who was a member of the scheme at the time of death. Benefit amount 20 times of the wages with a maximum benefit of 6 lakh.
Top Salient Features of EDLI Scheme 1976
Maximum assured benefit up to Rs. 7 lakh paid to the nominee or legal heir of EPF member, if death occurs while in service.
Minimum assurance benefit of Rs 2.5 lakh, if deceased member was in continuous employment for 12 months prior to his/her death.
Minimal contribution by employer @ 0.5% of employees' monthly wages, up to wage ceiling of Rs. 15,000.
No contribution paid by the employee.
Auto-enrollment of PF members in EDLI Scheme.
Benefit directly credited to the bank account of nominee or legal heir.
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