TaxTMI 
TaxTMI 
Employees' Deposit-Linked Insurance Scheme, 2026
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.... (b) "assurance benefit" means a payment linked to the average balance in the Provident Fund Account of an employee, payable in the event of death of the employee while being a member of the Provident Fund; (c) "Insurance Policy" means a Group Insurance policy issued by an Insurance Service Provider; (d) "Commissioner" means the Central Provident Fund Commissioner, Additional Central Provident Fund Commissioner, Deputy Provident Fund Commissioner, Regional Provident Fund Commissioner and Assistant Provident Fund Commissioner appointed under section 14 of the Code; (e) "member" means a member of the Employees' Provident Funds Scheme, 2026 or of a Provident Fund exempted under section 143 of the Code, who is required to become a member of this scheme; (f) "nominee" means a person nominated in paragraph 46 of the Employees' Provident Funds Scheme, 2026; (2) All words and expressions used herein but not defined shall have the meaning respectively assigned to them in the Code or the rules framed thereunder or the Employees' Provident Funds Scheme, 2026. 3. Administrative and financial powers of Commissioner.- The Commissioner may, without....
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....e and specified in the Employees' Provident Funds Scheme, 2026. (2) The damages shall be calculated to the nearest rupee, fifty paise or more to be counted as the nearest higher rupee and fraction of a rupee less than fifty paise to be ignored. 8. Employer's contribution not to be deducted from wages of employee. - Notwithstanding any contract to the contrary, the employer shall not deduct the employer's contribution payable by him under this scheme from the wages of the employees or to recover it from them in any other manner. 9. Duty of employer. - (1) Every employer shall send to the Commissioner, within fifteen days of the commencement of this scheme, a consolidated return, of the employees who are entitled and required to become members of the Insurance Scheme as per provisions of Employees' Provident Funds Scheme, 2026 or in case of exempted establishment under section 143 of the Code or under the rules of the provident fund of the establishment. (2) Every employer shall, within fifteen days of the close of each month, upload electronically on the designated portal, details of the employees qualifying to become members of the Fund for the first time during the....
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....rance Fund hereinafter shall be invested in accordance with the Employees' Provident Funds Scheme, 2026. (3) Notwithstanding sub-paragraph (2), the Central Government may provide for specific investment pattern for the Insurance Fund. 14. Interest. - All interest, rent and other income realised and net profits or losses, if any, from the sale of investments, not including therein the transaction of the Insurance Fund Central Administration Account, shall be credited or debited, as the case may be, to the Insurance Fund. 15. Disposal of Insurance Fund.- (1) Subject to the provisions of the Code and the Insurance Scheme, the Insurance Fund, not including therein the Insurance Fund Central Administration Account, shall not, except with the previous sanction of the Central Board, be expended for any purpose other than the payment of the benefits in accordance with the provisions of this Scheme. (2) The Insurance Fund shall be operated by such officers as may be authorised in this behalf by the Central Board. 16. Administrative expenses. - All expenses relating to the administration of this Scheme shall be met out of the Insurance Fund Central Administration Account. 1....
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....he Central Board at its next meeting. (5) The Central Provident Fund Commissioner shall place before the Central Board, a supplementary budget for a financial year giving detailed estimates and reasons of inescapable expenditure which is likely to be incurred during the year for which no provision has been made in the sanctioned budget and which cannot be covered under the provisions of sub-paragraph (4). (6) Any expenditure incurred by the Central Provident Fund Commissioner over and above the sanctioned budget of the financial year not covered under the provisions of sub-paragraphs (4) and (5), shall be reported to the Central Board at the earliest after the excess is established for its consideration and for obtaining sanction of the Central Government. 21. Scales of assurance benefit and minimum average balance maintained by employee.- (1) On the death of an employee, who is a member of the Fund or of a Provident Fund exempted under section 143 of the Code, as the case may be, the person/(s) entitled to receive the provident fund accumulations of the deceased shall, in addition to such accumulations be paid an amount, equal to the average balance in the account of the ....
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....hirty-five times plus fifty per cent. of the average balance in the account of the deceased in the fund or of a Provident Fund exempted under section 143 of the Code, as the case may be, during the preceding twelve months subject to a ceiling of one lakh and seventy-five thousand rupees: Provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees and shall not exceed seven lakh rupees; (ii) the amount of benefit under sub-paragraph (1), whichever is higher: Provided that for the purpose of determination of continuous period of twelve months required for eligibility of minimum assurance benefits payable under sub-paragraph (4) of this scheme, the gap of sixty days between two spells of employment shall be ignored and such multiple services shall be added being treated as continuous service. Explanation.- In the case of a part-time employee who is a member of the Fund or of a Provident Fund exempted under section 143 of the Code, as the case may be, who was serving in more than one factory or establishment for a continuous period of twelve months, preceding the month in which he died, the quantum of benefit under t....
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....er, his share shall be payable to him. Explanation: For the purpose of this paragraph, a member's posthumous child, if born alive, shall be treated in the same way as a surviving child born before the member's death. 23. Mode of payment of assurance amount. - (1) Every claimant shall file a claim to the Commissioner in the form and manner specified by the Central Provident Fund Commissioner, either online or offline, to claim payment under this Scheme. (2) The payment shall be made to the person through electronic funds transfer system in savings bank account of any scheduled bank or co-operative bank (including an Urban Co-operative Bank) or in any post office as specified in the Employees' Provident Funds Scheme, 2026. (3) The claims, complete in all respects submitted along with the requisite documents shall be settled and benefit amount paid to the beneficiaries within twenty days from the date of its receipt by the Commissioner. (4) In case there is any deficiency in the claim, the same shall be recorded in writing and communicated to the applicant within twenty days from the date of receipt of such application. (5) In case the Commissioner fails without suff....
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....all purchase Insurance Regulatory and Development Authority of India approved Group Insurance Policy for all its employees and employer shall certify in writing that the benefit is more beneficial than that is available in this scheme and that employees are not making any separate payment of contribution or premium; (iii) an establishment seeking exemption or extension of exemption from the Employees Deposit Linked Insurance Scheme shall apply at least six months in advance from the proposed date of exemption or expiry of exemption; (iv) the exemption granted under section 143 of the Code shall come into effect prospectively; (v) all employees, who were eligible to become members of the Provident Fund or Provident Fund granted exemption under section 143 of the Code, shall be enrolled as members of the Insurance Fund; (vi) the employer of the exempted establishment shall undertake to pay the assurance benefit which would have been payable to the employees' beneficiary, in the event that the Insurance service provider fails to pay such assurance benefit to the eligible beneficiary; (vii) where an employee or class of employees or establis....
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....espect of Employees' Enrolment Campaign, 2026.- The Employees' Enrolment Campaign, 2026 specified in the Employees' Provident Funds Scheme, 2026 shall mutatis mutandis apply to this scheme. 30. Transition provisions. - (1) The establishments granted exemption under the Employees' Deposit-Linked Insurance Scheme, 1976 shall continue to be valid and such establishments may file an application for renewal. (2) The establishments which do not fall under sub-paragraph (1) shall start complying as un-exempted establishment and start depositing monthly contributions from the 1st day of the month following the expiry of validity of the exemption or from the date of commencement of this scheme. 31. Writing off of losses. - The Central Board, where it is satisfied that the amount of contribution, cess, interest and damages due to it, under the Code, is irrecoverable, may, with due regard to the facts and circumstances of each case and the overall financial condition of the fund, write off such contribution, cess, interest and damages, as the case may be. Form [See Paragraph 27(viii)] (Online returns for any exempted establishment(s) / employee(s)) PART A: ESTABLISHMENT D....
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....s 1. Number of employees as on close of previous month Data entry One-time data entry (only in the first return). On the next month the number of employees as on close of previous month is automatically displayed. 2. Number of employees who joined in the current month Data entry To be same as per ECR 3. Number of employees who Exited/left during the current month Data entry To be same as per ECR 4. Number of employees as at the end of current month Display Sum of (A+B-C) All types of employees are included. 5. From Sl. No. 3 above, Number of Employees who died while in service. Data entry 6 Opening Balance of Claims One time data entry No of Claims received Data entry No of claims Settled Data entry No. of Claims pending Display Will carry as OB to next month Reason for pending claims Data entry Part C: (ii): ASSURANCE BENEFITS (Monthly) Sl. No Name of member UAN Amount of assurance benefit paid Date of payment 1 2 &....