Employees Deposit Linked Insurance (EDLI)

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Product Advantage

Higher Sum Assured
The sum assured under the Group Employee Deposit Linked Insurance is higher than coverage provided by the Employee Provident Fund Organisation (EPFO). This scheme provides a lump sum payment to the employee’s nominee / beneficiary in the event of his/her death due to natural causes, illness, or accident. Buy this policy to provide your employees’ families with income security in the event of unfortunate death of the employee.
24 Hour Coverage
The policy cover is for 24/7 and not related to actual office timings, unlike some other insurances such as workmen compensation or group personal accident that can be restricted to incidents in the workplace. The cover is worldwide and being at the workplace at the time of death is not necessary. In case the employee dies, the nominee is paid the insured amount.
No Minimum Tenure Required
Unlike other plans, there is no threshold of minimum years of service to avail EDLI benefit. Every employee who is the member of the provident fund can be covered under the EDLI scheme. This scheme is transferable in case if the employee changes their job.
Fast Claim Settlement
Claim settlement is fast with simple processes. Turnaround times are regulated by the IRDAI. Any delays can be escalated to us using our mobile app ‘Notify’ or the customer service numbers. We ensure that the documentation is complete and the claim is processed faster.

Why Claims Get Rejected?

Improper Enrollment

If information of a new hire is not shared with the insurer, the new hire is not insured. This can be addressed by maintaining a small balance of advance premium with the insurer.

Misrepresentation of facts

Under a group EDLI policy, it is necessary that the employee is actively at work. Employees on long leave because of medical issues are not covered.

Non-timely renewal

If your insurance is not renewed on time then claims filed after the renewal date are denied. We ensure renewal in time by sending reminders and following up.

Why SecureNow

Deep
Product Knowledge

We have specialized underwriters and tie-ups with international experts.

Cost-effective
Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.

Strong Claim Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value Added
Services

We will advice you on risk management best practices.

Policy Administration
System (PAM)

See all your contracts and renewal information in one place. Place service requests on PAM.

FAQs

Employee Deposit Linked Insurance (EDLI) scheme is life insurance cover linked to the employee provident fund. PFO grants exemption to employers to subscribe to their life insurance scheme, if employer offers a higher cover from a registered life insurer. EDLI scheme offered by insurer provides higher cover than PFO at lower cost leading to substantial cost savings for the employer.
Premium for the EDLI insurance scheme is to be paid in bulk by the employer to the life insurer.
As per the latest EPFO announcement, the maximum amount insured under EDLI scheme has been increased from Rs.3.6 lakhs to Rs.6 lakhs.
Employers, who subscribe to Provident Fund, have to either provide life insurance through PFO or buy an alternative EDLI scheme from a life insurer.
Members of family appointed as nominee, or legal heir, can claim the EDLI benefit amount.
The premium paid by employer under Employee Deposit Linked Insurance is treated as a business expense and is subject to tax deductions. Further, the employer is exempted from making contribution to PF insurance scheme.

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