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Employees' Deposit-Linked Insurance Scheme
Employees' Deposit-Linked Insurance Scheme (EDLI) provides death cover and financial assistance to the employee's dependents.
Eligibility
The scheme is available to all employees of establishments covered under the Employees' Provident Fund (EPF) Act.
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Contributions
The subscriber does not make the contributions, but the company contributes a percentage of the employee's monthly salary to this scheme.
Assured Benefits
The employee's legal heirs are assured to receive a maximum of Rs 7 lakh if the EPF member dies in service.
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Applicability
The scheme’s coverage applies even if the employee changed jobs in the past 12 months before death.
Default Scheme
The employees get enrolled in the EDLI scheme by default if the organisation is covered under the EPF Act and can opt out for a higher-paying insurance plan.
Employer's Contribution
The employer contributes a minimum of 0.5% and a maximum of Rs 15,000 of the employee's salary monthly.
Claim
The nominee can apply for a deceased member's EDLI, PF, and pension benefits by submitting a composite form, a death certificate and a cancelled bank cheque.
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