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Diwali Surprise Gift For 6 Crore EPFO Members: Insurance Cover Hiked To Rs 7 Lakh - Details
EPFO Members' Insurance Benefits: Ahead of Diwali, the government has announced the extension of enhanced insurance benefits for all members of the Employees' Provident Fund Organisation (EPFO) under the Employees' Deposit Linked Insurance (EDLI) scheme, which was introduced in 1976. The scheme aims to provide financial support to the families of EPFO members in the event of the member’s death, offering a safety net to ensure some assistance during difficult times.
Increased Insurance Benefits for EPFO Members
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The government has raised insurance coverage for all EPFO members under the EDLI scheme, providing up to Rs 7 lakh in benefits. Notably, the move will ensure up to Rs 7 lakh of life cover to more than 6 crore EPFO members.
Retroactive Application of Enhanced Coverage
The enhanced insurance cover will be applicable retroactively from April 28, 2024, offering wider protection for members.
EDLI Scheme: A Longstanding Safety Net
Established in 1976, the EDLI scheme offers financial support to EPFO members’ families in case of the member’s demise.
Minimum Insurance Raised Over Time
In 2018, the scheme introduced a minimum cover of Rs 1.5 lakh, which was later raised to Rs 2.5 lakh in 2021.
Maximum Insurance Benefit Increased
In April 2021, the maximum insurance benefit was increased from Rs 6 lakh to Rs 7 lakh, ensuring higher financial protection.
Simplified Eligibility Requirements
The government removed the requirement for 12 months of continuous service in a single establishment, ensuring coverage for job-switching employees.
Three-Year Validity of Benefits Ended
The enhanced benefits were initially valid for three years, ending on April 27, 2024. Retroactive coverage continues from April 28, 2024. (Image Credit: Freepik)
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