Employees Deposit Linked Insurance Scheme Apply Online for Claim: Employee Provident Fund (EPF) is a trusted investment scheme for salaried employees which comes with several other benefits. One such benefit comes under the Employees Deposit Linked Insurance (EDLI) scheme where Employees Provident Fund Organisation account holders will become eligible for assured life insurance benefits of up to Rs. 7 lakh. For availing EDLI Scheme benefits, EPFO account holders will not have to pay any amount as premium. In this article, we will tell you about the complete details including how to apply online process for EDLI Scheme.
What is Employees Deposit Linked Insurance Scheme 2023
The Employees’ Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the EPFO (Employees’ Provident Fund Organisation) for private sector salaried employees. This scheme works in combination with EPF and Employees’ Pension Scheme (EPS). The extent of the benefit is decided by the last drawn salary of the employee.
The registered nominee of the EDLI scheme receives a lump-sum payment in the event of the death of the EPF member, during the period of the service. The nominee registered in the EDLI is same as registered in the Employees’ Provident Fund (EPF) Scheme.
Salient Features of EDLI Scheme, 1976
- Maximum assured benefit upto Rs. 7 lakh paid to nominee or legal heir of EPF member, if death occurs while in service.
- Minimum assurance benefit of Rs. 2.5 lakh, if deceased member was in continuous employment for 12 months prior to his / her death.
- Minimal contribution by employer @ 0.5% of employees monthly wages upto wage ceiling of Rs. 15000.
- No contribution paid by employee.
- Auto enrollment of PF members in EDLI Scheme.
- Benefit directly credited to bank account of nominee or legal heir.
- Download Guidelines for EDLI Scheme, 1976 through the link – https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/EDLI_1976.pdf
How to Apply Online for EDLI Scheme – Claim Form
For claiming insurance benefit by a nominee / beneficiary in case of member’s death while in service, claim form can be downloaded through the link – Form51F
The Employees Deposit Linked Insurance Scheme apply online form for claim will appear as shown below:-
About EPFO – https://www.epfindia.gov.in/site_en/AboutEPFO.php
Benefits of Employees Deposit Linked Insurance Scheme
Besides insurance-related benefits, the EDLI scheme, which is available to every Provident Fund (PF) account holder, provides other benefits as well:
- Maximum assured insurance benefits: Under this, the legal heir of a PF account holder will get up to Rs. 7 lakh in the event of the demise of the EPF member in service. It was in April 2021 when the cap was hiked from Rs. 6 lakh to the current Rs. 7 lakh.
- Minimum assured benefits: These amount to Rs. 2.5 lakh if the employee was in continuous service in the 12 months prior to their death.
- Free benefits: As stated earlier, employees are not required to pay a premium to avail benefits under the EDLI scheme. It is the employer who pays the premium, which amounts to 0.50 per cent of the monthly wages with a ceiling of Rs. 15,000.
- Auto-enrolment: EPFO subscribers need not register separately to avail the EDLI scheme. Instead, they become eligible for it upon becoming members or subscribers of the EPFO.
- Direct Bank Transfer: The benefits under this plan are linked directly to the nominee’s bank account, or that of the employee’s legal heir. In case of the EPF account holder’s demise, these are transferred directly to the linked bank account.