In the present day and age, life is full of uncertainties and it has become imperative for an individual to secure themselves with insurance. Individuals working in the private sector, especially, do not get the same facilities and privileges of public sector employees. Hence, the government of India has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in the year 1976 to ensure private sector employees can enjoy the benefits of insurance and secure their loved ones financially.
EDLI (Employees Deposit Linked Insurance Scheme) insurance cover is provided by EPFO (Employees Provident Fund Organisation). It is especially meant for private sector salaried individuals. In case of an eventuality during the active service period of the individual, the nominee will get a lump-sum insurance pay-out.
EDLI is mandatory for all organisations which are registered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952. The government has made it compulsory for such organisations to subscribe under this scheme so as to give the benefit of life insurance to its employees. This scheme works alongside EPF and EPS. The benefit under the scheme depends on the remuneration paid to the employee.
Features of Employees Deposit Linked Insurance Scheme
Below are some of the essential features of EDLI which are applicable to all beneficiaries that come under the scope of the policy:
Our Life Insurance team at Zoom will make sure that you reap the benefits of the insurance policy to its full potential, ensuring overall financial benefits for your members employees while maintaining coordination with your company’s policy, philosophy, needs and market practice. Zoom’s team will enable you to enhance sustainability and cost-efficiency. Zoom Insurance Brokers offers solutions by the following ways: