Will get benefit of 7 lakhs
The Ministry of Labor and Employment has increased the maximum sum insured under the EDLI scheme to Rs 7 lakh. Earlier, customers used to get the benefit of Rs 6 lakh, in which now it has increased by Rs 1 lakh.
New Delhi. In the Coronavirus Pandemic, the Modi government has given great relief to the employed people. The limit of sum insured under the Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI Scheme) has now been increased from Rs.6 lakh to Rs.7 lakh. That is, now you can get the benefit of up to 7 lakh rupees for free. Let us tell you that EPFO is given the facility of life insurance to its subscribers.
All EPFO subscribers are covered under the Employees’ Deposit Linked Insurance Scheme 1976 (EDLI). Now the maximum amount of insurance cover has been increased to Rs 7 lakh, earlier in this facility everyone was given the benefit of Rs 6 lakh. Last month, Santosh Gangwar had given information about this.
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7 lakh will get benefitLet us tell you that the Central Board of Trustees (CBT) on September 9, 2020 had decided to increase the maximum sum insured under the EDLI scheme to Rs 7 lakh. On April 28, the Ministry of Labor and Employment had implemented the decision to increase the amount of insurance to 7 lakhs.
When can you take advantage of the scheme?
Claims under the EDLI scheme can be made on behalf of the employee’s nominee in case of illness, accident or natural death of the employee. Now this cover is also available to the aggrieved family of those employees who have worked in more than one establishment within 12 months immediately before the death. The payment is a lump sum. In EDLI, the employee does not have to pay any amount. If there is no nomination under the scheme, the coverage will be the spouse, unmarried daughters and minor son/sons of the deceased employee.
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In the EDLI scheme, the claim is calculated on the basis of the basic salary + DA of the last 12 months received by the employee. Under the latest amendment, now the claim of this insurance cover will be 35 times of the last basic salary + DA, which was 30 times earlier. Also, now there will be a maximum bonus of Rs 1.75 lakh, which was earlier Rs 1.50 lakh maximum. This bonus is considered to be 50 percent of the average PF balance during the last 12 months. For example, if the basic salary + DA for the last 12 months is Rs 15000, then the insurance claim is (35 x 15,000) + 1,75,000 = Rs 7 lakh. This is the maximum claim.