JBB provides specialized expertise of highly skilled Employee Benefit specialists, offering a wide range of customized Employee Benefit programs. Our commitment is to help employers make appropriate business decisions regarding their employee benefit plans by combining the best products with outstanding and dedicated service.
Employee Benefit Insurance Plans include:
Group Term In Lieu of EDLI
- All employees to whom the Employee's Provident Fund and Miscellaneous Provision Act, 1952 applies, have a Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme, 1976 to provide for the benefit of Life insurance to all their employees. Under the scheme as amended with effect from 24th June, 2000 the insurance benefit is equal to the average balance to the credit of the deceased employee in the Provident Fund during the last 12 months, provided that where such balance exceeds Rs.35, 000, insurance cover would be equal to Rs.35, 000 plus 25% of the amount in excess of Rs.35, 000 subject to a maximum of Rs.60, 000. Thus if the length of service is not adequate and/ or the salary is low the average balance may be substantially less and such the benefit to the employee's family is either inadequate or non-existent. The contribution @ 0.50% of each employee's salary is payable by the Employer to the Provident Fund Authorities.
However, under Sec. 17(2A) of the act, the employer may be exempted from consulting to this scheme, if he/she has provided for better insurance benefits through alternative scheme. Group Insurance Scheme in lieu of EDLI has been accepted as one such better alternative.