EPFO Alert EDLI scheme updated now Family to get up to Rs 7 lakh if employee dies of Covid 19 check details varpat

Earlier the death cover for PF account holders was 6 lakh rupees, now it has been increased to 7 lakh rupees.

Earlier the death cover for PF account holders was 6 lakh rupees, now it has been increased to 7 lakh rupees.

EPFO: In this crisis, the Employees Provident Fund Organization (EPFO) is giving a debt claim cover of seven lakh rupees to the family. A PF account holder is eligible for free insurance up to 7 lakh rupees under the EDLI scheme if he dies during his service.

New Delhi. In the Second Wave of Corona, many families are facing a crisis. However, in the time of this crisis, the Employees Provident Fund Organization (EPFO) is giving a debt claim cover of seven lakh rupees to the family. A PF account holder is eligible for free insurance up to 7 lakh rupees under the EDLI scheme if he dies during his service. Let us know that earlier the death cover for PF account holders was 6 lakh rupees, now recently it has been increased to 7 lakh rupees. Know what is the rule? The Employees Provident Fund Organization (EPFO) also provides life insurance facility to its subscribers / member employees. All Subscriber Employees of EPFO ​​are covered under Deposit Linked Insurance Scheme 1976 (EDLI). The Central Board of Trustees (CBT) of the EPFO ​​headed by Labor Minister Santosh Gangwar had decided to increase the maximum sum insured under the EDLI scheme to Rs 7 lakh on September 9, 2020. The PF account holder does not have to pay any insurance premium separately for this insurance cover. Also read- This 33-year-old man became a millionaire in 4 months by investing money in Dogecoin! Learn Success TrickFamily members get money Under the EDLI, the claim can be made by the employee’s employee nominee after illness, accident or natural death. Now this cover is also available to the aggrieved family of employees who have worked in more than one company within 12 months immediately before death. In this, the payment is made to the nominee. If there is no nomination under the scheme, then the spouse of the employee, the virgin girls and the minor son / son will be able to do it. If the EPFO ​​subscriber dies due to Corona epidemic also, the nominee can claim insurance. Company pays premium
Premiums are paid by the company under this scheme. 12% of the basic salary + DA of employees working in the organized sector goes to the Employee Provident Fund (EPF). The contribution of 12 per cent is also from the company / employer. Of the Employer’s 12 per cent contribution, 8.33 per cent of the Employee Pension Scheme goes to EPS and the rest to EPF. Further, in the EDLI scheme only the premium is paid by the employer, which is 0.50 per cent of the basic salary and dearness allowance of the employee. However, the maximum basic salary limit will be 15 thousand rupees only. Also read- Put money in this policy of LIC, there will be no tension of monthly expenses! You will get 9 thousand rupees every month Learn how to calculate In the EDLI scheme, the claim is calculated on the basis of the last 12 months basic salary + DA received by the employee. Under the latest amendment, the claim for this insurance cover will now be 35 times the last basic salary + DA, which was 30 times earlier. Also, there will now be a maximum bonus of Rs 1.75 lakh, which was earlier a maximum of Rs 1.50 lakh. This bonus is considered to be 50 per cent of the average PF balance during the last 12 months. For example, if the last 12 months basic salary + DA is Rs 15000, then the insurance claim (35 x 15,000) + Rs 1,75,000 = Rs 7 lakh. This is the maximum claim.




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