Sumary of PF New Rule: EPF Account Comes With Rs 7 Lakh Free Insurance Cover. Details Here:
- To help thousands of people amid the second wave of coronavirus pandemic, the Employees’ Provident Fund Organisation (EPFO) has recently increased the maximum assurance benefit under the Employees’ Deposit Linked Insurance (EDLI) scheme to ₹7 lakh..
- The retirement body recently said in a notification that the minimum death insurance has been increased to ₹2.5 lakh and the maximum to ₹7 lakh, from the earlier limits of ₹2 lakh and ₹6 lakh, respectively..
- It must be noted that an employee does not need to contribute to deposit linked insurance scheme to get the benefits..
- The benefits under Employees’ Deposit Linked Insurance will applicable for three years, effective from February 15, 2020..
- Families of workers enrolled with Employee State Insurance Corporation (ESIC) who have died due to the COVID-19 will also be eligible to receive a pension for two years, labour ministry stated..
- “The EDLI life cover is a mandatory insurance cover offered by the EPFO, and all employees working in the organisations enrolled under the EPFO are automatically covered under the EDLI scheme….