{"id":27327,"date":"2024-10-18T01:36:58","date_gmt":"2024-10-17T20:06:58","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=27327"},"modified":"2025-04-08T08:49:28","modified_gmt":"2025-04-08T03:19:28","slug":"employees-deposit-linked-insurance-edli-scheme","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/employees-deposit-linked-insurance-edli-scheme\/","title":{"rendered":"What is the Employees Deposit Linked Insurance (EDLI) Scheme?"},"content":{"rendered":"<h2><strong>About Employees Deposit Linked Insurance (EDLI) Scheme:<\/strong><\/h2>\n<ul>\n<li>EDLI is an <strong>insurance scheme<\/strong> that was launched by the Government in <strong>1976<\/strong>.<\/li>\n<li>This scheme was launched with the objective of providing <strong>social security benefits to<\/strong> the <strong>employees of the private sector<\/strong> for whom such benefits were not commonly provided by the employer.<\/li>\n<li>The EDLI scheme is managed and<strong> administered by the <\/strong>Employees Provident Fund Organisation (<strong>EPFO<\/strong>), and the scheme provides term<strong> life insurance cover on the life of the member employee.<\/strong><\/li>\n<li>The EDLI scheme <strong>covers all organizations registered under<\/strong> the <strong>Employees Provident Fund (EPF) and Miscellaneous Provisions Act, 1952.\u00a0<\/strong><\/li>\n<li>This scheme <strong>works in combination with the EPF<\/strong> and the <strong>Employees&#8217; Pension Scheme (EPS).<\/strong><\/li>\n<li>The <strong>extent of the benefit<\/strong> is <strong>decided by<\/strong> the <strong>last drawn salary<\/strong> of the employee.<\/li>\n<li>The <strong>registered nominee<\/strong> of the EDLI scheme <strong>receives a lump-sum payment<\/strong> in <strong>the event of the death of<\/strong> the <strong>EPF member<\/strong>, during the period of the service.<\/li>\n<li>The <strong>nominee<\/strong> registered <strong>in the EDLI is the same as<\/strong> registered <strong>in the EPF Scheme.<\/strong><\/li>\n<li><strong>Features<\/strong>:\n<ul>\n<li><strong>Maximum assured benefit<\/strong> up to <strong>Rs 7 lakh<\/strong> to be paid to the nominee or legal heir of the EPF member if death occurs while in service.<\/li>\n<li><strong>Minimum assurance benefit<\/strong> is of <strong>Rs 2.5 lakh<\/strong> in case the deceased member was in continuous employment for 12 months prior to his or her death.<\/li>\n<li>This <strong>life insurance benefit<\/strong> being given to the EPFO member <strong>is free of cost for<\/strong> the <strong>PF\/EPF account holders.<\/strong><\/li>\n<li>Minimal <strong>contribution by employer<\/strong> at 0.5% of employee&#8217;s monthly wages, up to wage ceiling of Rs 15,000; <strong>no contribution made by employee<\/strong>.<\/li>\n<li>Auto-enrolment of PF members in the EDLI scheme.<\/li>\n<li><strong>Benefit directly credited to the bank account<\/strong> of legal heir or nominee.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<p><strong>Q1<\/strong>: What is the Employees Provident Fund Organisation (EPFO)?<\/p>\n<p>It is a statutory body under the Employees&#8217; Provident Funds and Miscellaneous Act, 1952. It is under the administrative control of the Union Ministry of Labor and Employment. The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees&#8217; Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees. The Board administers a contributory provident fund, a pension scheme and an insurance scheme for the workforce engaged in the organized sector in India.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/www.thehindu.com\/news\/national\/benefits-under-edli-scheme-to-continue-for-pf-subscribers\/article68766218.ece\" target=\"_blank\" rel=\"nofollow noopener\"> Insurance benefits to stay for EPFO subscribers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Employees Deposit Linked Insurance (EDLI) Scheme is an insurance scheme that was launched by the Government in 1976. <\/p>\n","protected":false},"author":5,"featured_media":27328,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-27327","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/27327","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=27327"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/27327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/27328"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=27327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=27327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=27327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}