Central Govt. has extended the insurance benefits to all PF members under EDLI scheme retrospectively from 28.4.24. The notification to this was issued on 18.11.24. The move will ensure up to Rs 7 lakh of life cover to more than 6 crore EPFO members.
The minimum and maximum benefits under the Employees’ Deposit Linked Insurance Scheme were enhanced from Rs. 1.5 lakh and Rs.6 lakh to Rs. 2.5 lakh and Rs. 7 lakh respectively in 2021 and the benefits were valid for a period of three years, which came to an end on April 27, 2024.
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.
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.
