The EPFO ​​Employee’s Deposit Linked Insurance (EDLI) scheme offers benefits up to Rs 7 lakh. Here’s everything you need to know about EPFO’s insurance plan

EPFO EDLI Program: The minimum term life insurance benefit was increased earlier this year.

The Employee Retirement Fund Organization (EPFO), the agency that administers the pension fund, also offers coverage to subscribers in addition to providing an investment option for salaried individuals. The EPFO ​​Employee Deposit Linked Insurance (EDLI) scheme offers coverage with a death benefit up to Rs 7 lakh. NS The minimum term life insurance benefit has been increased, at the beginning of this year, to Rs 2.5 lakh and up to Rs 7 lakh. The previous limits were Rs 2 lakh and Rs 6 lakh respectively.

Here are the key things to know about the Employee Deposit Linked Insurance Scheme (EDLI):

• The insurance is given to the family of an EDLI beneficiary in the event that person dies while working, the pension fund agency said on its website.
• Program benefits are available to an subscriber if he or she is a member of an EPFO ​​or of a provider fund, which is exempt under Section 17 of the EPF & MP Act aid.
• The EDLI program was implemented as part of the Employee Contingency Fund and Other Provisions Act (EPF and MP Acts), 1952. Insurance scheme provided by EPFO ​​to salaried employees wages in the private sector
• All employees with a base salary of less than Rs 15,000 per month are eligible to use the EDLI scheme. According to EDLI regulations, the employer’s contribution must be 0.5% of base salary or a maximum of Rs 75 per employee per month. If the employer does not have any group insurance in place, the maximum contribution is capped at Rs 15,000 per month.
• In the event of a death of a member, the family will receive an insurance coverage of up to Rs 7 lakh under the EDLI scheme and a monthly widow/child/orphan allowance under the EPS scheme.
• If there is no employer or the employer’s signature cannot be obtained, the form must be endorsed by a Local Councilor (MP) or Member of the Legislative Assembly (MLA). local authority, judge, member or clerk. city ​​board or from a member of the EPF or CBT regional committee.