*EDLI CALCULATION:*
Previously, the lump-sum assured in the event of an EPF member death was an amount between 1.5 lacs and 3.6 lacs.
Presently, the amount increased to minimum Rs.2.5 lakhs and maximum Rs.6 lakhs.
The Eligible claim amount under the EDLI scheme is calculated 30 times of the last basic salary which was drawn by the employee before death + 50% of the average balance in the member's account or amount during the last 12 months /entire period of his/her membership whichever is lower with an upper limit of Rs.1.5 lakhs as a bonus.i.e EDLI scheme claim amount = 30 x basic salary + 50% of average EPF balance in the diseased account/ maximum Rs.1.5 lakhs as bonus.
Here let us see in case of Krishna and Rama, based on their above salaries, how the Claim amount is calculated under EDLI scheme?
Krishna's basic salary was Rs.14000/- per month and his average EPF balance is Rs.3.00 lakhs in his account.
Therefore, the calculation of claim amount under the EDLI scheme will be 30 x Rs.14,000/- = Rs.4,20,000/- (30 times x basic salary last drawn)
50% of Rs.3,00,000/- = Rs.1,50,000/- (50% of average EPF balance Rs.3.00 lakhs or maximum 1.5 lakhs) Total (a) + (b) = Rs.5,70,000/-.
Thus, Krishna's family is eligible to get a total EDLI claim of Rs.5,70,000/-
In the same way, let us calculate Rama'EDLI claim amount.
Rama's salary per month was Rs. 25,000/- but his basic salary was Rs.20,000/- as calculated above and average EPF balance Rs.4.00 lakhs in his account.
For calculation of benefit under EDLI scheme, the basic salary will be countable and the limit is maximum of a Rs.15000/-per month.
Therefore, we have to take Rama's basic salary of Rs.15,000/- per month. Then the calculation of claim amount under the EDLI scheme will be
30 x Rs.15000/- = Rs.4,50,000/- (30 times x basic salary last drawn)
50% of Rs.400000/- = Rs.1,50,000/- (50% of average EPF balance or maximum 1.5 lakhs )
Total (a) +(b) = Rs.6,00,000/-.
(Here the 50% of EPF balance is Rs.2,00,000/-. Since the upper limit under Average Balance is Rs.1,50,000/-, we have to calculate the claim benefit based on Rs.1,50,000/-only).
*Thus, Ram's family is eligible to get a total EDLI claim of Rs.6,00,000/-.*
