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Employee Deposit Linked Insurance Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM INSURANCE INTERVIEW QUESTIONS EMPLOYEE DEPOSIT LINKED INSURANCE INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Employee Deposit Linked Insurance Interview Questions & Answers - Learning Mode

EDLI or employee deposit linked scheme is an insurance policy to give life cover to the employees of organised sector. It is a group term insurance. The family of employee gets the sum assured if an employee dies during the service period. The scheme is applicable to all the organisation which are part of the EPF. The term and condition of this scheme is set by the employees provident fund organisation. Employee deposit linked insurance scheme is a social security scheme. It gives necessary cover to the family of employees. The scheme is an effort to protect the large population from the hardship.

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Employee Deposit Linked Insurance Interview Questions & Answers - Learning Mode
Try Employee Deposit Linked Insurance Interview Questions & Answers - Exam Mode
Question: What is employee contribution to Employee Deposit Linked Insurance Scheme?

Answer: The employee does not contribute to this scheme directly. Rather, the contribution to this scheme is done by the employers.

The contribution to EDLI is also clubbed with the EPF contribution. The contribution to these three schemes is done according to a formula. The fixed percentage of salary plus DA is routed for this scheme.


Employee Employer

EPF 12% employee contribution ? EPS contribution

EPS nil 8.33% (Maximum Rs 1250)

EDLI nil 0.5% (Maximum Source: CoolInterview.com
Question: What are the main Claim Form Instructions for EDLI - Employee Deposit Linked Insurance Scheme?

Answer:
The claim under EDLI is admissible only if the deceased person was in active service during the death.
The EDLI claim form should be submitted along with Form 20 and form 10D/10C (for claiming the Provident Fund dues and Pension/Withdrawal Benefit as applicable). It facilitates to process the benefits of the scheme in one go.
All details should be written in BLOCK LETTERS and there should not be any overwriting.
In case the deceased member was a married female, her H Source: CoolInterview.com
Question: What are the main rules of EDLI - Employee Deposit Linked Insurance Scheme?

Answer: Employee Deposit linked insurance scheme is a comprehensive group term insurance. It covers the death of employee irrespective of the cause.

Every employee who is the member of Provident fund gets covered under EDLI.
The coverage is for 24 hours. It is not related to the working hours.
The coverage is for the whole earth. Being at the workplace is not necessary.
There are no exclusions under this policy.
The insurance coverage is linked to the pay of the e Source: CoolInterview.com
Question: What are the documents to be enclosed for EDLI - Employee Deposit Linked Insurance Scheme?

Answer: Death Certificate of the member
Guardianship certificate if the claim on behalf of a minor family member/nominee/legal heir is by other than the natural guardian.
Succession certificate in case of claim by the legal heir.
Copy of a cancelled/blank cheque of the bank account in which payment is opted.
In case the members were last employed under an establishment exempted under the EPF Scheme 1952, the employer of such establishment should furnish the PF details of last Source: CoolInterview.com
Question: What is the Need of EDLI - Employee Deposit Linked Insurance?

Answer: Employee deposit linked insurance scheme is a social security scheme. It gives necessary cover to the family of employees. The scheme is an effort to protect the large population from the hardship.

In India, people are not aware of the insurance planning and retirement planning. If not forced, rarely an employee takes an insurance cover. Hence, for the economic health of the society at large, the government introduced social security schemes. The employee provident fund, Employee pension Source: CoolInterview.com
Question: What is the procedure To Claim EDLI Amount?

Answer: In case of an unfortunate death of the employee, the nominee can claim the insured amount. If there is no nominee, the legal heir can claim the amount. To claim EDLI, the form 5 should be used. It is better to submit the claim form with EPF withdrawal form.
Source: CoolInterview.com
Question: What is EDLI or Employee Deposit Linked Scheme?

Answer: EDLI or employee deposit linked scheme is an insurance policy to give life cover to the employees of organised sector. It is a group term insurance. The family of employee gets the sum assured if an employee dies during the service period. The scheme is applicable to all the organisation which are part of the EPF. The term and condition of this scheme is set by the employees provident fund organisation. Source: CoolInterview.com
Question: How To Subscribe EDLI - Employee Deposit Linked Insurance Scheme?

Answer: Employee deposit linked insurance scheme is clubbed with the employee provident fund scheme and employee pension scheme. An employee has to subscribe these three schemes altogether. The subscription to EDLI is automatic with employee provident fund scheme. It is the responsibility of the employer to get its employee subscribed for the EPF schemes.

An employee can?t selectively choose a scheme among these three. He/she has to subscribe all the three schemes. These schemes can be transferr Source: CoolInterview.com
Question: What is the Insurance Claim Amount in case of EDLI - Employee Deposit Linked Insurance Scheme?

Answer: The claim amount of the EDLI is decided by the last drawn salary of the employee. The claim amount would be the 30 times of the salary. Along with this, you would also get a bonus. This bonus would be 50% of the balance in your EPF account. The maximum bonus would be Rs 1.5 lakh. The maximum sum insured would be Rs 6 lacs. For this calculation salary is ?basic pay plus DA?.
Source: CoolInterview.com
Question: Who Can Claim EDLI (Employee Deposit Linked Insurance) Amount?

Answer:
Members of family (Nominees) nominated under EPF Scheme.
In case of no nomination, all members of family (except the major son, married daughters having husband alive, and major son, married daughters having husband alive of the deceased son of the deceased member.)
In case of no family, and no nomination, legal heir.
Guardian of a minor nominee/family member/legal heir.
Source: CoolInterview.com

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