Group Insurance Scheme in lieu of EDLI

Group Insurance Scheme in lieu of EDLI:

The employees’ Deposit Linked Insurance Scheme is application to all establishment and undertaking contributing to Employees Provident Fund under EPF and MP Act, 1952 with effect from 01.08.1976, unless exempted under section 17 (2A), of the act. The schemes provides for an insurance cover to an employees, which is linked to his balance in the PF Account, subjected to a maximum of Rs 60000. Under LIC’s scheme, which is granted in lieu of the EDLI, the insurance cover starts from Rs 5000 and depends on the service put in by the employees and the current monthly salary on each annual renewal date. The cover provided will be at least Rs 2000 more than the cover given under the EDLI scheme. Few advantages of the LIC’s scheme (licindia.in) are higher cover, lower premium (depending on average age), cover not linked to balance in PF account, simple administrative procedures, easy claims settlement process etc.

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Group Superannuation Scheme

Group Superannuation Scheme:

The Group Superannuation scheme is designed to provide pension to the employees/beneficiaries on the exit of the member from the service. A decreasing group insurance cover in conjunction with the superannuation benefit can also be provided to supplement the lower accumulation in the event of premature death of the member.

The scheme is of two types:
a) Money Purchase Scheme
and
b) Benefits Purchase scheme.

Pension which is linked to the Dearness Allowance will also be granted. The LIC’s Group (Licindia.in) Superannuation Scheme out are easy to install and provides best service, free valuation of the liability, attractive returns, safety of funds, simple administrative procedures, periodical statement on the fund position, tax, concession, etc. LIC offers a wide range of benefits options to cater to the needs of the different beneficiaries.

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Group Savings Linked insurance Scheme (GSLI)

Group Savings Linked insurance Scheme (GSLI):

The scheme offers insurance cover with an element of thrift. This scheme is granted to Employer-Employee groups. Under the scheme out of the contribution received in respect of each member of scheme a portion is utilized towards the insurance cover; the balance is accumulated till the exit. In the event of premature death of the member, the amount held in his account together with accumulated interest and insured amount is payable. The scheme provides an attractive rate of interest on the savings and lower premium for insurance granted, tax concessions, etc.

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Group Annuity Scheme

Group Annuity Scheme:

Employers who have a privately administered superannuation fund, where money are invested by the trusties as per income tax rules can purchase pension for employees as and when it is due under group annuity policies from LIC. LIC (licindia.in) offers wide range of benefits options combined with good rate of return on the investment.

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