Can an organization choose to provide a group life insurance policy from a insurer like LIC instead of subscribing to EPFO's EDLI Scheme?

Yes, an organization can opt for a group life insurance policy (e.g., from LIC or another insurer) instead of the EDLI Scheme, but only if it obtains a formal exemption under Section 17(2A) of the EPF Act and follows the conditions outlined in Paragraph 28 of the EDLI Scheme.
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The alternative policy must offer benefits that are more favorable than those under the EDLI Scheme

Shekar Ganagaluru's Books

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K. VITTALA RAO's HR Books