- The EDLI scheme was launched in 1976 to provide insurance benefits to members of EPFO.
- EPFO members are automatically enrolled for EDLI.
- An EPFO member is only covered by the EDLI scheme as long as he/she is an active member of the EPF. His family/heirs/nominees cannot claim it after he leaves service with EPF.
- There is no minimum service period for availing of EDLI benefits.
- The employer has to make the contribution for EDLI and there are no fees deducted from the employee’s salary.
- The main objective behind this scheme was to ensure that the family of members, legal heirs, nominees get financial assistance in case of the death of the member.
- The employer can opt-out of the scheme in case he takes a better insurance cover from Life Insurer. In fact, their offerings are more cost-effective and efficient, than offered by EPF.