Max Life Group Super Life Premier in lieu of EDLI
Great organizations are driven by happy employees. Business owners realize the importance of keeping their workforce motivated. That’s why ensuring competitive compensation and benefits is important. As a crucial component of employee benefits, group insurance can help you create a safety net for your employees and their families. Max Life Group Super Life Premier is one such plan that helps you offer financial security to your employees. It is also a better alternative for EDLI Plan of EPFO.
As per the government norms, it is mandatory for employers to subscribe an EDLI (Employee Deposit Linked Insurance) plan for all employees who are covered under Employees' Provident Fund. However, under EDLI scheme, benefits do not exceed ₹3,60,000. Max Life Group Super Life Premier can extend life coverage benefit up to ₹6,00,000. As this plan helps you offer better benefit to your employees, you can get an exemption from the EDLI scheme.
3 reasons why this is an ideal plan for employers:
- You can provide better financial protection to your employees’ families
- With low cost insurance you can improve employee retention
- You can get tax benefits while meeting compliance