The Employee Deposit Linked Insurance (EDLI) scheme has been extended retrospectively from April 28, 2024. This move will ensure life insurance protection of up to Rs 7 lakh to more than six crore EPFO members. Union Labor Minister Mansukh Mandaviya gave this information on Thursday. According to PTI news, all the members of retirement fund body EPFO will get the benefit under the Employee Deposit Linked Insurance (EDLI) scheme.
Objective of EDLI Scheme
According to the news, the EDLI scheme, launched in the year 1976, aims to provide insurance benefits to the members of the Employees’ Provident Fund Organization (EPFO) so that some financial assistance can be ensured to the family of every member in case of the death of the member. Till April 2021, the maximum benefit to the legal heir of the deceased employee was limited to Rs 6 lakh as per the criteria defined in the EDLI scheme.
Minimum and maximum profit
Later, the government, through a notification issued on April 28, 2021, increased both the 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 12 months of continuous service in an establishment was also relaxed to cover employees who change jobs during that period. These benefits were effective for a period of three years which ended on April 27, 2024.
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