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Mumbai, Nov 24: : SBI Life Insurance Company has received approval from the central provident fund commissioner to offer group life cover to factory and other establishment workers in lieu of the government’s mandatory ‘Employees’ Deposit Linked Insurance Scheme of 1976 (EDLI)’.
The EDLI scheme requires every employer to offer life insurance protection linked to the average balance to the credit of the employees provident fund, subject to a maximum insurance benefit. An employer who opts for SBI Life’s group insurance scheme for its employees, will be entitled to an exemption from the EDLI Scheme and the benefits provided under the SBI Life’s Scheme are better than those provided under the EDLI Scheme. SBI Life’s scheme has a minimum life cover of Rs 65,000 and a maximum cover of Rs one lakh along with an optional accidental risk cover, which provides double the sum assured in case of death of the employee due to an accident.
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