Max New York Life’s Group Term Insurance Scheme is a unique, simple and flexible scheme, which is considered a better alternative to the Employee Deposit Linked Insurance Scheme (EDLI) because of the benefits it offers to both the employer and the employees.
Features –
Under Section 17 (2-A) of the Provident Fund Act, the Central Provident Fund Commissioner may, if requested to do so by the employer, by notification in the Official Gazette, exempt, whether prospectively or retrospectively, any establishment from the provisions of the EDLI scheme, if he is satisfied that the employees of such establishment, without making any separate contribution or payment of premium, enjoy life insurance benefits more favorable than the benefits under the EDLI scheme.
Max New York Life Insurance Co. Ltd offers Group Term Insurance Scheme, a unique, simple and flexible scheme, which is a far better option to the Employee Deposit Linked Insurance Scheme (EDLI) because of the benefits it offers to both the employer and the employee. The Employees Provident Fund organization has approved this scheme as an alternative to EDLI scheme.
Key Benefits –
The organization will enjoy the following advantages by subscribing to the Max New York Life Group Term Insurance as compared to the EDLI scheme:
- The premium payable by the employer under the Max New York Life Group Term Insurance Scheme will be frequently less than the total contribution being paid by the employer to Regional Provident Fund Commissioner, particularly when average age of the group is low and the employer is in a low-risk industry.
- Flexibility to opt for either a consistent flat cover for all employees or a graded cover as per notional PF balance.
- Well defined and simplified claim process will ensure quicker and hassle-free claim settlement.
- Administrative convenience for additions and deletions of members with no elaborate paperwork.
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Tags: Employee Deposit Linked Insurance, Life Insurance, Max New York Life