Labor Minister Mansukh Mandaviya on Thursday announced the extension of enhanced insurance benefits to all members of the pension fund organization EPFO under the Employees’ Deposit Linked Insurance (EDLI) scheme.
The move will ensure up to Rs 7 lakh life cover for over 6 million EPFO members.
The program has been extended with effect from April 28, 2024 onwards, said Mandaviya.
The EDLI Scheme, established in 1976, aims to provide insurance benefits to members of the Employees’ Provident Fund Organization (EPFO) to ensure certain financial assistance to the family of each member in the event of the death of the member.
In 2018, a minimum insurance of Rs 1.5 lakh was introduced under this scheme.
Till April 2021, the maximum benefits for the legal heir of a deceased employee was limited to Rs 6 lakh as per the conditions defined in the EDLI Scheme.
Later, the government, in a notification issued on April 28, 2021, enhanced the minimum and maximum benefits under the scheme to Rs 2.5 lakh and Rs 7 lakh, respectively, for the next three years.
In addition, the 12-month continuous operation status at the facility was reduced to accommodate those employees who changed jobs during that time.
These benefits are valid for a period of three years ending on April 27, 2024.