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What is the benefit provided under the EDLI scheme?

The benefit provided under the scheme in the nature of life insurance is as follows. On the death of an employee while in service a lumpsum insurance amount is payable to his nominee or family members. The insurance amount is equal to the average monthly wages drawn (subject to a maximum of fifteen thousand rupees), during 12 months preceding the month in which he/she died, multiplied by 30 times plus 50% of the average balance in the account of the deceased employee in the Provident Fund during a period of 12 months or during the period of his membership whichever is less, subject to a ceiling of one lakh and fifity thousand rupees, subject to a total ceiling of six lakh rupees.

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