EPFO EDLI Scheme: The Union Ministry of Labor and Employment has made a big change in the EDLI scheme under EPFO. The government has made it clear that if an employee dies during the job, then his nominee will get an insurance of at least 50 thousand rupees. Whether there is money in the account or not.
EPFO EDLI Scheme: The Employees’ Provident Fund Organization (EPFO) has announced important changes in the Employee Deposit Linked Insurance (EDLI). Now there will not be strict conditions like before to avail this scheme. This will directly benefit lakhs of employees and their families, especially those families whose members have passed away due to some reason during the job. The Union Ministry of Labor and Employment has given a big relaxation in the rules of the EDLI scheme. Actually, the government has made it clear that if the employee dies during the job, the family will get an insurance of at least Rs 50 thousand. Even if the employee does not have Rs 50,000 in his PF account, this benefit will be available.
Apart from this, if there is a gap of 60 days in the job of an employee, it will still be considered as continuous job. According to the new rule, if an employee dies during the job, then his nominee will get a compensation of at least Rs 50,000. Earlier the rule was that there should be at least Rs 50,000 in the PF account, only then the benefit of insurance was available. But now the rule has changed.
A gap of 60 days will not be considered a break.
Another important change has been made in the scheme. According to the new rules, now while calculating the continuous service of 12 months, if there is a gap of up to 60 days between two jobs of an employee, then it will no longer be considered a break. This means that if you have done 2-3 jobs and there is a break of less than 2 months between them, then all the jobs combined will be considered as continuous service and you will get the full benefit of insurance.
Not only this, under the new rules, if an employee dies within 6 months of receiving his last salary, then also his nominee will get the benefit of insurance. The ministry says that if any employee who is a member of EPFO and dies within 6 months of PF deduction from the last salary, then also the nominee made by the employee will get the benefit of insurance of the scheme.
Know what is EDLI scheme
Employees Deposit Linked Insurance Scheme is a scheme run under the Employees Provident Fund Organization ( EPFO ). Under this scheme, employees of the organized sector get the benefit of insurance in case of death during the job. Under the scheme, the family members of the employee i.e. the legal heir gets a lump sum amount. The special thing is that under this insurance, the employee does not have to pay any money from his side. Under the EDLI scheme, life insurance coverage of Rs 2.5 lakh to Rs 7 lakh is provided.
LIC Premium : Pay LIC policy premium from home through WhatsApp, know how
