Employee Deposit Linked Insurance Scheme (EDLI)

The Employees Deposit Linked Insurance Scheme (EDLI) offers essential benefits to all beneficiaries under its scope:

• Eligibility: Employees earning a basic salary of up to INR 15,000 per month are eligible for the EDLI scheme. The maximum benefit under this scheme is capped at INR 7,00,000, applicable even if the basic salary exceeds INR 15,000.
• Coverage: There are no exclusions in the insurance coverage provided by EDLI.
• Contribution Requirements: Employees are only required to contribute to the Employees' Provident Fund (EPF); no separate contribution for EDLI is needed.
• Bonus: The scheme includes a bonus of INR 1,50,000.
• Mandatory Registration: Organisations with over 20 employees must register for EPF. Employees with an EPF account are automatically eligible for EDLI.
• Global Coverage: EDLI offers comprehensive insurance coverage 24/7, worldwide, for registered employees.
• Alternative Insurance Options: Employers may opt for other group insurance schemes, provided the benefits are equal to or greater than those offered by EDLI.
• Employer Contribution: Employers must contribute 0.5% of the basic salary, up to a maximum of INR 75 per employee per month. Without any group insurance, the maximum contribution is capped at INR 15,000 per month.
• Salary Calculations: The Dearness Allowance (DA) must be added to the basic salary for all EDLI-related calculations.
• Payout to Nominees: In the event of the insured employee's death during the scheme's term, the nominee listed in the document will receive the lump sum amount. If no nominee is designated, the benefits will be given to the legal heir.