EMPLOYEES' DEPOSIT LINKED INSURANCE SCHEME (EDLIS)

                                                                                               18/04/2017

      Employees' Pension Scheme (EPS) of 1995 offers pension on disablement, widow pension, and pension for nominees. Employees' Deposit Linked Insurance Scheme (EDLIS) provides for a lump sum payment to the insured's nominated beneficiary in the event of death due to natural causes, illness or accident, while on the job. In brief the scheme details are as follows:

    This scheme covers all employees who are members of the EPF. Under this scheme the employee is provided a life insurance cover. In case of  death of the member, his family shall be eligible to receive the compensation. The only condition for eligibility for claiming compensation is that the member should be actively employed when his death occurs irrespective of the time,day,place,age  or circumstance under which the death occurs. There is no minimum service limit, to be eligible for making a claim under this scheme. Contribution towards this scheme is done by  the employer which is 0.5 % of the employee's salary.

CLAIM AMOUNT

   The claim amount is linked to the employee's salary(Basic+DA) which is capped at Rs 15,000/- per month. The claim amount of the EDLI is decided by the last drawn salary of the employee. The claim amount is 30 times the salary. Along with this, a bonus of Rs 1.5 lakh is also paid.Thus the maximum EDLI claim amount would be Rs 6 lakh (30 x15,000 + 1,50,000), maximum.