The EPF organisation has approved the Group Team Insurance Plan offered by M/s star Union Dai-ichi Life Insurance Company Limited in lieu of the Employees’ Deposit Linked Insurance Scheme, 1976 – HO No. C-III/16/1(138)10/ MH/ EDLI/ 30284 dated 23/01/2013
The highlights of the Said Insurance Company is as Under:-
The policy is arranged to provide Assurance benefits to the employees with a minimum of Rs. 1,32,000/- as the product m’ imum is Rs. 1,32,000/-.
All the members of the Employees’ Provident Funds Scheme,1952 in the establishment will be eligible to be members of the policy. The member becomes eligible for the coverage as soon as he/she becomes the member of the Employees‘ Provident Funds Scheme,1952.
The employer(policy holder) will give an undertaking to the effect that all new members have been included from the date of their joining. If a death claim is received in respect of a member whose premium and/or name is not submitted to M/s Dai-ichi Life Insurance Company Limited, the employer undertakes to provide the benefits for the same.