EPFO New Rules: EPFO ​​has given a big gift to PM account holders. Let us tell you that a big decision has been taken regarding EPFO’s Employee Deposit Linked Insurance Scheme (EDLI). Under these rules, the death claim process has been simplified and the insurance benefits have also been increased. This will provide financial assistance to thousands of families every year.

What is EDLI scheme?

The EDLI scheme was started by the government in 1976. The purpose of this scheme is to provide financial security to the family of the employee in case of his sudden death during the job. Under this scheme, insurance amount is given to the family of the EPF member on his death.

lifetime protection cover

Provident Fund is not only a means of saving for retirement but also provides financial support in case of any emergency during the job. It acts as a strong financial security process for the employees.

New employees also benefit

Earlier, if an employee died within a year of starting the job, his family did not get insurance benefits. Now according to the new rules, in such cases, the family will get financial support of ₹ 50,000.

You will get benefits even after changing jobs

Now if an employee changes his job and there is a gap of two months between the two jobs, even then his insurance coverage will continue. This will ensure financial security of the family. After the change in the scheme, the limit of the sum insured has now been increased from Rs 2.5 lakh to Rs 7 lakh. This amount is decided on the basis of the average salary of the last 12 months.

How to get insurance benefits?

If an employee dies while on the job, his nominee or legal heir gets an insurance amount ranging from Rs 2.5 lakh to Rs 7 lakh. Under this scheme, no premium is charged from the employees, rather the employer contributes 0.5%.

Thousands of families will get benefit

These changes of EPFO ​​will provide financial security to the affected families in cases of more than 1,000 deaths during employment every year and will strengthen the social security system. This will also increase the sense of security among employees.