I just want to know what are the benefits of taking EDLI scheme exemption and taking GI from LIC of India.What are additional benefits we get from LIC.
From India, Ludhiana
From India, Ludhiana
LIC has schemes which provide for flat compensation in case of death whereas EDLI is restricted to an amount calculated based on the amount to the credit of Provident Fund. However, at present the EDLI coverage is made upto a sum of Rs 1 lakh (earlier it was Rs 60000) without any additional burden on the employer by way of contribution (the contribution remains the same, ie, 0.5% of qualifying salary) Of course, the LIC has also increased their compensation to Rs 1,02000(from Rs 62000) but with an additional premium payable by the employer. Still, the LIC scheme being one which guarantees a flat sum of Rs 1,02,000 irrespective of membership in PF, the same seems to be beneficial and that is why we get exemption from contributing to EDLI.
Regards,
Madhu.T.K
From India, Kannur
3891Regards,
Madhu.T.K
From India, Kannur
Dear colleagues,
Can you please share the notice which will be displayed on company notice board, informing employees regarding company has taken group insurance policy in LIC, instead of EDLI policy in EPF dept. The notice Include information regarding benefits of the said policy, Applicability, Assurance benefit and eligibility criteria for claim (Latest amendment made about enhanced benefit from Rs. 3,60,000/- to 6,00,000).
Thanks & Regards,
Rajendra.
From India, Bengaluru
Can you please share the notice which will be displayed on company notice board, informing employees regarding company has taken group insurance policy in LIC, instead of EDLI policy in EPF dept. The notice Include information regarding benefits of the said policy, Applicability, Assurance benefit and eligibility criteria for claim (Latest amendment made about enhanced benefit from Rs. 3,60,000/- to 6,00,000).
Thanks & Regards,
Rajendra.
From India, Bengaluru
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Flexi Benefits Plan.doc