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Group Term in lieu of EDLI Scheme

As an employer eligible under the Employee's Provident Fund and Miscellaneous Provision Act, 1952, you have a statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme, 1976, to provide all your employees with the benefit of Life insurance.

Under Sec. 17 (2A) of the Act, you may be exempted from subscribing to this scheme, if you have provided for better insurance benefits than the cover offered by Employee Provident Fund Organization (EPFO) through a life insurer.

ICICI Prudential's Group Insurance Scheme in lieu of EDLI has been certified by the EPFO as a superior product that provides greater insurance benefits than the cover offered by EPFO. Read more about the features and benefits of this plan, right away.

Why ICICI Prudential?


Take a look at the benefits ICICI Prudential's Group Term in lieu of EDLI Scheme offers both employers and employees:

Employer Benefits

  • Premiums you pay are usually less than the total contribution you pay to R.P.F.C-particularly when your team comprises young employees who earn high salaries.
  • Premiums you pay are treated as normal business expenses under sec 37 of IT Act, 1962 for Income Tax purposes.
  • Your claims are settled quickly, without you needing to go through several cumbersome procedures.

Employee Benefits

  • Each employee is covered for a Sum Assured between Rs. 65,000 and Rs. 1 lakh depending on their current salary and service put in from the day they join, irrespective of the actual balance in the Provident Fund. Alternatively every employee/worker can be covered for a uniform sum assured of Rs.65,000.
  • Claim amounts are exempt from taxes under Sec. 10 (10) (d) of IT Act, 1962.

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