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Employees' Deposit Linked Insurance Scheme (EDLI)

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What is EDLI?

All employees to whom the Employees' Provident Fund and Miscellaneous Provision Act, 1952 applies, have a Statutory liability to subscribe to Employees' Deposit Linked Insurance Scheme, 1976 to provide for the benefit of Life insurance to all their employees.

Under this scheme, the deceased employee’s insurance benefit will depend on the length of service and the PF balance in the account

THE BETTER ALTERNATIVE:

However, under Sec. 17(2A) of the Act, the employer may be exempted from contributing to this scheme, if he/she has provided for better insurance benefits through alternative scheme. Exide Life Group Term Life in lieu of Employees' Deposit Linked Insurance Scheme (EDLI) has been accepted as one such better alternative.

4 Reasons to buy this plan

1 Lesser premium payable
2 Quicker claim settlements
3 Income tax benefit for employers
4 Higher sum assured

Key Benefits

For Employers :

1. Lesser premium payable
The premium payable by the employer is usually less than the total contribution being paid by the employer to Regional Provident Fund Commissioner (R.P.F.C), particularly when the salary level is high and average age of the group is low
2. Quicker claim settlements
Exide Life Insurance only requires the Death Certificate and Claim Form
3. Income tax benefit
Premium paid by the employer is treated as normal business expenses for Income-Tax purpose

For Employees :

1. Higher sum assured
Each employee is covered for a sum assured ranging between 5,000 and 10,00,000 depending upon the current salary and service put in from day one irrespective of the actual balance in the Provident Fund. Alternatively every employee/ worker can be covered for a uniform sum assured which will be decided depending upon the policy documents of Exide Life Insurance.
2. Income tax exemption
Claim amount paid under the scheme is exempted from tax under sec 10(10 D) of the Income Tax Act, 1962

How EDLI Works?

As per the Employees' Provident Fund and Miscellaneous Provision Act, 1952, the scheme requires only the employer’s contribution towards the Provident Fund Authorities, to provide a Life Cover to its members.

The employer needs to contribute 0.5% of the basic salary of each employee’s wage towards the Employees' Deposit Linked Insurance Scheme (EDLI). The employer would also need to contribute 0.01% of the monthly wage towards administrative charges to the Regional Provident Fund Commissioner (RPFC).
Under Sec. 17(2A) of the Act, the employer may be exempted from contributing to this scheme, if he/she has provided for better insurance benefits through alternative scheme. Exide Life Insurance’s Group Insurance Scheme in lieu of EDLI has been accepted as one such better alternative.

Key Features

Feature Exide Life Group Term Life in lieu of EDLI
Minimum / Maximum Age at Entry 18 years – 79 years
Maximum Maturity Age 80 years
Policy Term 1 year renewable term
Premium Payment Frequency Annual
Minimum / Maximum Sum Assured 5,000 - 1,000,000 per member
Minimum Group Size 10 members
Maximum Group Size No Limit
UIN: 114N064V01. For more details on risk factors, terms and conditions, please read the terms and conditions document of the product carefully before concluding the sale. Tax benefits are subject to change in tax laws from time to time. URN:EXL/ONLINE/2014/148
Employee's Deposit Linked Insurance Scheme 
Who should buy
Who should buy EDLI?
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Who should buy?

All members of the Provident Fund scheme in the company would be eligible to be members of this policy.
The minimum and maximum age would be the same as that of the Provident Fund scheme.The employees of the group are covered for a sum assured ranging between Rs. 5,000 and Rs. 10,00,000 depending upon the current salary and service put in from day one irrespective of the actual balance in the Provident Fund. The beneficiary of the employee would be the same nominee as under the Provident Fund Scheme.

Key Features
Key Features
What is EDLI ?

An employer eligible under the Employees' Provident Fund and Miscellaneous Provision Act, 1952, has a statutory liability to subscribe >>

Key benefits
Key Benefits
How does plan work
How EDLI Works?
4 Reasons
to buy this plan
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