EPFO – EDLI Insurance increased to Rs 7 lakhs

EDLI means Employees’ Deposit Linked Insurance (EDLI) scheme.  This insurance plan covers all members who are having active employees’ provident fund Account.

EPFO (Employees Provident Fund Organisation) under Ministry of Labour, Government of India had
increased the death insurance benefits for the Employees’ Provident Fund Organisation (EPFO) said the minimum death insurance has been increased to ₹2.5 lakh and the maximum to ₹7 lakh, from the earlier limits of ₹2 lakh and ₹6 lakh, respectively.

“Central Board of Trustees, Employees’ Provident Fund (EPF) accorded approval for amendment of paragraph 22(3) of Employees’ Deposit Linked Insurance Scheme, 1976 to enhance the maximum assurance benefit to ₹7 lakhs from the present maximum assurance benefit of ₹6 lakhs,”

The EDLI insurance scheme is on the basis of salary drawn in the last 12 months of the employment before death. The employer and central government contribute to EDLI scheme. The employee does not need to contribute to towards deposit-linked insurance scheme. The claim amount under this scheme is 30 times the average monthly salary in the past 12 months subject to a maximum of 7 lakh.

For more info, visit: EPFO Website

Source: google.co.in