SBI Life can offer better EDLI deal

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 (EDLI) Scheme of 1976.

The EDLI scheme requires every employer to offer life insurance protection linked to the average balance to the credit of the employee's provident fund, subject to a maximum insurance benefit. Employers opting for SBI Life's group insurance scheme will be entitled to an exemption from the EDLI scheme.

SBI Life's scheme offers more attractive benefits, with a minimum life cover of Rs 65,000 and a maximum of Rs 1 lakh, with an optional accidental risk cover.

This provides double the sum assured to the nominee in case of death of the employee due to an accident. The improved benefits under SBI Life's scheme will serve as a social security net to all categories of employees.