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EPFO Insurance Benefits: Union Labor Minister Mansukh Mandaviya, while giving benefits to salaried employees on Diwali, has announced that the deadline for insurance benefits received in EPFO has been extended till further notice. In which now Rs. Employees with salary above Rs 15 thousand will get Rs. 1 lakh on EPFO. Life insurance benefits up to Rs 7 lakh will continue. It is noteworthy that this benefit was completed on April 27, 2024. Which has been increased.
More than 6 crore EPFO members have been given Rs.100 crore under the Employees Deposit Linked Insurance Scheme. Insurance benefits up to Rs 7 lakh will be available. Launched in 1976, the EDLI scheme provides insurance benefits to all members of the retirement fund Employees Provident Fund. Which guarantees to provide financial support to the family members in the event of sudden death of the member.
Increase Insurance Coverage
In 2018, the insurance coverage under the scheme was Rs. Was 1.5 lakh. Which was effective till April, 2021. Later on April 28, 2021, the insurance cover was increased to Rs. It was made for Rs 6 lakh. According to the new notification, now for the next three years Rs. 2.5 lakh to Rs. Coverage up to Rs 7 lakh will be available. In which no premium has to be paid.
Now you won't have to wait 12 months
Earlier, to avail this insurance coverage in EPFO, it was necessary to work in the same company for at least 12 months. But now there is relief from that too. Even if the employee has changed jobs within 12 months, he will still get this insurance cover.
This is how the claim is determined
Insurance coverage under EPFO is Rs. There is a claim of Rs 7 lakh. In which 12 months salary and 35 times dearness allowance can be claimed. Insurance is determined on the basis of 12 months basic salary+(dearness allowance X35).