look news india
EPFO EDLI scheme 2024: There is good news for the account holders and employees of the Employees Provident Fund Organization. The Modi government at the Center has given a big gift to 6 crore members of EPFO before Diwali. The Central Government has decided to extend the back date of the Employee Deposit Linked Insurance i.e. EDLI Scheme beyond April 28, 2024.
In fact, Union Labor Minister Mansukh Mandaviya has decided to extend the enhanced insurance benefits to all members of retirement fund body EPFO under the Employee Deposit Linked Insurance (EDLI) scheme. All members of EPFO will be given the benefit of retirement fund under the Employees Deposit Linked Insurance Scheme. This will ensure life insurance cover of up to Rs 7 lakh to more than 6 crore EPFO members.
What is EDLI scheme?
EDLI scheme was started in the year 1976. Its objective is to provide insurance benefits to the members of the Employees Provident Fund Organization, so that whenever an EPFO member dies, his family members do not have to face financial problems. Financial help can be provided to every member's family.
How to avail the benefits of the scheme
According to the rules of the EDLI scheme, on the death of employees till April 2021, a maximum benefit of Rs 6 lakh was given to their legal heirs, after which a notification for the EDLI scheme was issued to change the minimum and maximum benefit to the legal heirs for a period of 3 years. It was extended to 27 April 2024, in which the minimum benefit was Rs 2.5 lakh and the maximum benefit was Rs 7 lakh.
The condition of continuous service in an establishment for 12 months was also relaxed so that employees who change jobs during that period can also come under its purview. Now according to the recently released notification, employees will be given the benefit of life insurance worth Rs 7 lakh. This rule will come into effect from 28 April 2024.