Employees' provident fund organization (EPFO), which is managed by the labour ministry, has raised the death insurance benefit for its insurance customers in the wake of the second wave of the covid-1 pandemic.
Subscribers to the EPFO's employees' deposit related insurance policy are covered by the clause. If one of these subscribers dies while operating, the death benefit is paid to the deceased subscriber's relatives.
The social security body, which has at least 50 million active subscribers, has announced that the minimum insurance limit has been raised to Rs250,000 and the maximum limit has been raised to Rs700,000.
Previously, the lower limit was Rs200,000 and the higher limit was Rs600,000.
At its virtual meeting on September 9, 2020, the Employees Provident Fund Organisation's (EPFO) Central Board of Trustees (CBT), led by Labour Minister Santosh Gangwar, agreed to increase the maximum amount assured under the EDLI scheme to Rs 7 lakh.
The only difference between the two programs is that although all EDLI subscribers are EPF members, not all EPF members are EDLI beneficiaries.
The Ministry of Labour and Employment, according to Gangwar, released a notification on Wednesday (April 28) to enforce the decision to increase the maximum amount assured payable under the EDLI scheme to Rs 7 lakh.