The full form of EDLI is Employee’s Deposit Linked Insurance Scheme.
Uncertainties of life in the modern world have made getting adequate insurance cover imperative for every individual. This is especially important for private sector employees who do not enjoy the same social security benefits as public sector employees.To extend the benefits of life insurance to private sector employees, government has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in 1976.
Employees Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the EPFO (Employees Provident Fund Organisation) for private sector salaried employees. The registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service.
EDLI applies to all organisations registered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952. All such organisations must subscribe to this scheme and offer life insurance benefits to its employees. This scheme works in combination with EPF and EPS. The extent of the benefit is decided by the last drawn salary of the employee.
Here are the essential elements of EDLI, applied uniformly to all beneficiaries under the policy:
EDLI
means
Employee’s Deposit Linked Insurance Scheme
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