EMPLOYEES DEPOSIT LINKED INSURANCE (EDLI)
In the present day and age, life is full of uncertainties and it has become imperative for an individual to secure themselves with insurance. Individuals working in the private sector, especially, do not get the same facilities and privileges of public sector employees. Hence, the government of India has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in the year 1976 to ensure private sector employees can enjoy the benefits of insurance and secure their loved ones financially.
This scheme provides a lump sum payment to the employee’s nominee / beneficiary in the event of his/her death due to natural causes, illness, or accident. Buy this policy to provide your employees’ families with income security in the event of unfortunate death of the employee. The scheme is applicable to all the organisation which are part of the EPF. The term and condition of this scheme is set by the employees provident fund organisation.
- Free for Employees: EDLI contribution is made by the employer, not the employee
- For All Employees: The scheme is a part of the Employees Provident Fund and so it covers all employees who have an EPF account
- Extensive Cover: The coverage under the EDLI scheme is offered for premature death of the insured employee. Death anytime and anywhere would be covered.
- Tax benefits: The premium paid by an employer under the EDLI scheme is treated as a business expense and is subject to tax deductions.