EPFO EDLI Scheme– Big news for EPFO members. If you are employed, then you must be aware of the Employees Provident Fund Organization i.e. EPFO. Through EPFO, you can collect a good retirement fund for yourself. Along with this, you can also prepare an emergency fund for difficult times, but do you know about EPFO’s EDLI scheme. This scheme is given by EPFO to its members, under which financial assistance is provided to the family or nominee in case of death of the employee.
What is EPFO’s EDLI scheme?
Under the EPFO’s EDLI scheme i.e. Employees Deposit Linked Insurance Scheme, the family of an EPFO member gets the benefit of insurance in case of his death during the job. The special thing about this EDLI scheme is that no money is deducted from the member’s account or salary for this insurance amount.
How much insurance is available under EDLI scheme?
In the EDLI scheme, the amount of insurance that the nominee or the family will get in case of the death of the member is decided on the basis of the average monthly salary of the member in the last 12 months. This amount is 35 times the monthly salary and the bonus amount.
New rules of EDLI scheme
Recently, the government has changed some rules of the EDLI scheme. According to these changes, even if an employee dies before 1 year of working, the employee’s family will get the benefit of insurance, which will be a minimum of Rs 50,000. On the other hand, if there is a gap of 60 days between two jobs of an employee, then it will not be considered a break and the benefit of insurance will be available as continuous employment. Also, if the employee dies within 6 months from the date of last contribution and the name has not been removed from the company’s roll, then also the family will get the benefit of insurance.