THE employees’ deposit linked insurance scheme, 1976

Salient features

Under the Employees Deposit-Linked Insurance Scheme, every PF member stands automatically insured against death during his service.

 

compliance position under EDLI SCHEME, 1976

The Compliance position of DAV PF Trust in respect of EDLI Scheme, 1976 is as under: -

 

(i)

  1. DAV PF Trust Deposited Contribution under EDLI Scheme with Regional PF Commissioner, Delhi, w.e.f. 1.8.1982 to 30.11.1998. (A/c No. 21) in respect of the employees of all DAV Public Schools all over India.

Rs. 1,29,08,402/-

  • DAV PF Trust Deposited Administrative/ Inspection charges with Regional PF Commissioner under EDLI Scheme, 1976 (A/c No. 22) from 1.8.1982 to 31.3.2005.

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    Rs. 6,34,213/-
     

  • w.e.f. 01.04.2005 all the DAV Public Schools outside Delhi are depositing Inspection charges under EDLI Scheme with Local PF Offices.

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    (ii)

    DAV PF Trust has taken Master Policy No. EDLI-311430 from LIC of India in respect of the employees of all DAV Public Schools all over India. W.e.f. 01.12.1998

    		  

    (iii)

    Applied to Regional PF Commissioner Delhi for grant of exemption from EDLI Scheme under Section 17(2-A) of the EPF & MP Act 1952 w.e.f. 1.12.1998. Formal letter of Exemption will be issued by RPFC Delhi only after conclusion of 7-A proceedings which are in progress for the period from 01.08.1982 to 31.03.2005.

    		  

    membership of EDLI SCHEME

    The employee who is member of the EPF Scheme, will also automatically become a member of EDLI Scheme.

     

    benefit under EDLI SCHEME

    Under the EDLI Scheme, 1976, the employee is not required to contribute any amount. But only employer is required to contribute 0.51% of basic pay plus DA or fixed salary/wages of the employees on which Pension contribution is deducted. This amount is required to be paid by each DAV Public School/Institution, participating in DAV PF Trust, to DAV College Managing Committee New Delhi, in respect of all the employees working in the School/Institution every month towards premium to be paid to LIC of India by employer i.e. DAV College Trust and Management Society New Delhi.

     

    quantum of EDLI benefit

    Under Master Policy of LIC of India, a uniform Insurance benefit of Rs. 1,25,000/- (w.e.f. 01.04.2007) shall be given to the nominee in all death cases (while in service) irrespective of the balance in PF A/c. Hence EDLI Scheme of LIC is better than the EDLI Scheme, 1976 of the EPF Organisation.

     

    settlement of EDLI claims- procedure

    On death of the member, (while in service) the Head of DAV Public School/Institution will submit the EDLI claim of the nominee, who is entitled to receive the PF accumulation, in the Prescribed Form (See Annexure – 9) to DAV PF Trust. The DAV PF Trust in turn shall forward the EDLI claim to LIC of India, New Delhi for payment of an Insurance amount of Rs. 1,25,000/- direct to the Bank of the nominee for deposit in his/her Saving Bank Account.

     

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