what is edli in pf

The Employees Deposit Linked Insurance Scheme (EDLI) is an insurance cover provided by the Employees Provident Fund Organisation (EPFO) for private sector salaried employees who are members of EPFO. The scheme was launched in 1976 with the objective of providing social security benefits to employees of the private sector for whom such benefits were not commonly provided by the employer. The registered nominee receives a lump-sum payment in the event of the death of the person insured (employee) during the period of service. The scheme provides life insurance coverage to employees who are members of the EPF scheme. The chief motive of the EDLI scheme is to offer financial security to the family members of the policyholder (deceased person) . Family members mean spouse, unmarried daughter, or male child up to 25 years of age. The EDLI scheme covers all organizations registered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952, and they must subscribe to this scheme and provide life insurance benefits to their employees. The EDLI scheme works in combination with EPF (Employees Provident Fund) and EPS (Employees Pension Scheme) .