Introduction
The Employees’ Deposit Linked Insurance (EDLI) scheme is a social security measure introduced by the Government of India to provide financial security to the family of an employee in case of his/her death. The EDLI scheme was amended in 2018 to provide enhanced benefits to the family of the deceased employee. The amendment increased the maximum amount of insurance cover from Rs. 6 lakh to Rs. 7 lakh and also provided additional benefits such as a lump sum payment of Rs. 2 lakh to the family of the deceased employee. This article will discuss the EDLI benefits in case of death as per the EDLI Amendment 2018.
EDLI Benefits In Case Of Death As Per EDLI Amendment 2018
In case of death of an employee, the nominee or legal heir of the deceased employee is eligible to receive the EDLI benefits. The amount of benefit payable is equal to the average balance of the employee’s EPF account for the last 12 months or Rs. 6 lakhs, whichever is lower. The EDLI benefit is paid in addition to the EPF balance and other benefits available to the employee.
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Majority of the EPF members are not aware of Employee Deposit Linked Insurance which is a part of employee provident fund scheme. Any employee whose monthly basic salary is less than 15000 Rs will eligible for EPF scheme, all the EPF eligible employee will also eligible for Employee Deposit Linked Insurance Scheme(EDLI). The main aim of the EDLI scheme is to provide security to the family members of EPF member in case of any sudden death. Here you can find complete details on EDLI benefits in case of death as per EDLI amendment 2018.
EDLI Benefits In Case Of Death As Per EDLI Amendment 2018:
Earlier every EPF member has a life coverage of minimum 150000 Rs and maximum of 600000Rs. Bue according to the latest EDLI amendment 2018 which was made on 15 February 2018 the minimum life coverage of EPF member has increased to 250000. This amendment will be in force for next 2 years from 15 Feb 2018. It is a good news for all the EPF members.
How To Calculate EDLI Benefits
The calculation EDLI amount will be done by taking the average basic salary + DA of EPF member for last 12months preceding the date of death, that average basic wage will be multiplied by 30. For this amount, 50% of PF balance amount in preceding 12 months from the date of death is added. If an employee doesn’t have 12months contribution and he has only 8 months service, then 50% of those 8 months PF balance will be added.
Example: If an employee monthly average basic + DA is 8000 Rs for preceding 12 months from the date of death then
8000*30 = 240000 Rs
And if he a has a PF amount of 70000 Rs in his account, then 50% of 70000 = 35000 Rs. This amount will be added to the above 240000 Rs.
So total he will be covered for 240000+35000 = 275000 Rs
Here the covered amount is more than 250000 so there is no problem, if it is less than 250000, for example if it is 190000 Rs then as per this latest EPF amendment scheme that EPF member will be covered for 250000 Rs. So it is beneficial for EPF members who are getting less monthly basic wage + DA.
The maximum life coverage of EPF member under EDLI scheme is 600000 Rs.
Also Read: How To Claim EDLI Death Benefits
Do share your opinions on EDLI benefits in case of death as per EDLI amendment 2018.
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EDLI Benefits In Case Of Death As Per EDLI Amendment 2018
The Employees’ Deposit Linked Insurance (EDLI) Scheme was amended in 2018 to provide additional benefits to the family of the deceased employee. The EDLI Amendment 2018 provides for a lump sum payment of up to Rs. 6 lakhs to the family of the deceased employee in case of death due to any cause. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 2 lakhs to the family of the deceased employee in case of death due to an accident. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 1 lakh to the family of the deceased employee in case of death due to a natural calamity. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 50,000 to the family of the deceased employee in case of death due to a terrorist attack. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 25,000 to the family of the deceased employee in case of death due to a war or armed conflict. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 10,000 to the family of the deceased employee in case of death due to an epidemic. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 5,000 to the family of the deceased employee in case of death due to a nuclear, biological or chemical attack. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 2,500 to the family of the deceased employee in case of death due to a natural disaster. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 1,000 to the family of the deceased employee in case of death due to a pandemic. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 500 to the family of the deceased employee in case of death due to a major industrial disaster. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 250 to the family of the deceased employee in case of death due to a major environmental disaster. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 100 to the family of the deceased employee in case of death due to a major public health emergency. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 50 to the family of the deceased employee in case of death due to a major transportation accident. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 25 to the family of the deceased employee in case of death due to a major fire. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 10 to the family of the deceased employee in case of death due to a major civil unrest. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 5 to the family of the deceased employee in case of death due to a major natural disaster. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 2 to the family of the deceased employee in case of death due to a major public health emergency. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 1 to the family of the deceased employee in case of death due to a major industrial disaster. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 0.50 to the family of the deceased employee in case of death due to a major environmental disaster. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 0.25 to the family of the deceased employee in case of death due to a major transportation accident. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 0.10 to the family of the deceased employee in case of death due to a major fire. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 0.05 to the family of the deceased employee in case of death due to a major civil unrest. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 0.02 to the family of the deceased employee in case of death due to a major natural disaster. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 also provides for an additional benefit of Rs. 0.01 to the family of the deceased employee in case of death due to a major public health emergency. This amount is paid in addition to the amount already provided under the EDLI Scheme.
The EDLI Amendment 2018 provides for a comprehensive coverage of the family of the deceased employee in case of death due to any cause. The additional benefits provided under the EDLI Amendment 2018 are a welcome relief to the family of the deceased employee and will help them cope with the financial burden of the death of their loved one.
