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Sum insured amount in Death Case under EDLI
#1
Dear Sir,

I came to know that in Sep 2015, the EPFO announced increase in the maximum amount assured under its Employees Deposit Linked Insurance Scheme (EDLI) to Rs 6 lakh from the existing Rs 3.6 lakh.

The claim amount of the EDLI is decided by the last drawn salary of the employee. The claim amount would be 30 times the salary.
For this calculation salary is basic pay plus DA or Dearness Allowance. The upper limit of wage for the EDLI is Rs 15,000.
Along with this, the bonus of Rs 1.5 lakh is also given.
Thus, the maximum EDLI claim amount would be Rs 6 lakh[(30 x15,000) + 1,50,000].
The condition of continuous employment of one year under current employer before being eligible for insurance benefits was also removed.


Please suggest me which assured amount is correct (1.3 lakh/3.6 lakh or 6 lakh) since i don't have any notification/Gazetter copy in this regard.

Regards,
Swati
 
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#2
Dear Swati

There is something like that has been approved but no notification is received till that to the best of my knowledge.

Go through following link:

http://hrsuccesstalk.com/forum/Thread-EP...-Rs-6-lakh

Govind Singh Negi
HR Professional- Sr Management
Follow at twitter: @govindsinghneg3 https://twitter.com/govindsinghneg3
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#3
(17-04-2016, 11:41 AM)govindsinghnegi Wrote: Dear Swati

There is something like that has been approved but no notification is received till that to the best of my knowledge.

Go through following link:

http://hrsuccesstalk.com/forum/Thread-EP...-Rs-6-lakh

Thanks a lot Govind sir,

Thanks for your valuable suggestions and guidance every time.

Regards,
Swati
 
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