edli meaning and features

What is the edli meaning? before knowing the edli meaning we should mention its importance considering that deposit guarantee institutions appeared in many countries as a result of the financial crises that banks were exposed to, which showed the importance of deposit insurance with the emergence of the role of the banking system in each country at the forefront of financial and economic activity, in addition to the banks’ reliance on deposits as a primary source of financing compared to their resources, which was the reason for establishing Deposit insurance institutions. 

edli meaning

The edli meaning or the Employee Deposit Linked Insurance edli meaning refers to the insurance coverage provided by the Employees Provident Fund Organization (EPFO) for private sector salaried employees, as this word is considered an acronym for Employee Deposit Linked Insurance, which was launched in 1976 to provide many benefits and insurance services to EPFO ​​members.

the Employees Provident Fund Organization aims through the Employee Deposit Linked Insurance to ensure that the members’ family receives financial assistance in the event of the death of the member and there is no exception under this insurance scheme, as its cover is based on the salary withdrawn in the last 12 months of work before death.

Employees Deposit Linked Insurance (EDLI) Scheme features

What are the Employees Deposit Linked Insurance Scheme edli meaning and features? The employee Deposit Linked Insurance (EDLI) Scheme has many features and specifications that can be summarized as follows:

• In this insurance, the maximum guaranteed benefit amounts to Rs 7,000 which is to be paid to the nominee or legal heir of the EPF member, in the event of death in service.
• Auto-enrolled PF members in EDLI Scheme.
• EPFO stated a minimum guarantee benefit of Rs 2.5 lakh if the deceased member was in continuous employment for 12 months before his death.
• The minimum contribution by the employer is 0.5 percent of the employee’s monthly wages, up to the wage cap of Rs 15,000.
• The benefit is credited directly to the nominee’s bank account or legal heir.

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Documents Required for EDLI

Among the basic documents that the claimant needs in order to benefit from the Employees Deposit Linked Insurance Scheme (EDLI), we mention the Death Certificate of the member, Guardianship certificate if the claim is filed on behalf of a minor family member/nominee/legal heir by a person other than the natural guardian, Succession certificate in case of a claim by the legal heir, Copy of a canceled cheque of the bank account in which payment has been opted, In case the member was last employed under an establishment exempted under the EPF Scheme 1952, the employer of such establishment should furnish the PF details of last 12 months under the Certificate part and also send an attested copy of the Member’s Nomination Form.

 How to submit an EPS/EPF nomination digitally?

 How to submit an EPS/EPF nomination digitally? to submit an EPS/EPF nomination digitally, The person concerned must electronically follow the steps below to complete the process successfully.

1. navigate to the EPFO website “from here”.
2. go to the ‘Services’ tab.
3. Select the “For Employees” option.
4. click on ‘Member UAN/Online Services.
5. Log in with your Universal Account Number (UAN) and Password.
6. Select ‘E-nomination’ under the ‘Manage Tab’.
7. click ‘Save’.
8. Click “Yes” to save the family declaration.
9. Click ‘Add Family Details’.
10. note: More than one nominee can be added.
11. Click ‘Nomination Details’ to declare the total amount of shares.
12. Click ‘Save EPF Nomination’.
13. Click ‘E-sign’ to generate OTP.
14. Submit ‘OTP’ sent on the mobile number linked with Aadhaar.

In conclusion, the edli meaning stands for the Employee Deposit Linked Insurance provided by the Employees Provident Fund Organization (EPFO) for private sector salaried employees.