 "Insurance benefits for EPFO members extended retrospectively from April 28")
Union Labour Minister Mansukh Mandaviya on Thursday announced extension of the enhanced insurance benefits for all members of retirement fund body EPFO under Employees' Deposit Linked Insurance (EDLI) scheme.
The move will ensure up to Rs 7 lakh of life cover to more than 6 crore EPFO members.
The scheme has been extended with retrospective effect from April 28, 2024 onwards, Mandaviya told reporters here.
EDLI Scheme, launched in 1976, seeks to provide insurance benefits to members of the Employees' Provident Fund Organisation (EPFO) in order to ensure some financial assistance to each member's family in case of the member's death.
In 2018, the minimum insurance cover of Rs 1.5 lakh was introduced under the scheme.
Till April 2021, the maximum benefits to the legal heir of the deceased employee was capped at Rs 6 lakh as per the criteria defined in the EDLI Scheme.
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Later, the government, through a notification issued on April 28, 2021, enhanced both minimum and maximum benefits under the scheme to Rs 2.5 lakh and Rs 7 lakh, respectively, for the next three years.
Further, the condition of continuous service of 12 months in an establishment was also relaxed so as to cover even those employees who changed jobs during that period.
These benefits were effective for the three-year period which came to an end on April 27, 2024.