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EPFO EDLI scheme limit increased to Rs. 7 lakh from 6 lakh | Free Life insurance cover for private employees by EPFO

ADMIN by ADMIN
May 21, 2021
in Business & Other News
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EPFO and ESIC due date extended till 15.05.2020
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EDLI scheme i.e. The Employees’ Deposit connected Insurance Scheme (EDLI) is a mandatory life insurance cover governed by the Employees’ Provident Fund Organization (EPFO).

It covers all the private sector employees who are registered and contributing to EPFO. The main objective of EPFO behind this scheme was to confirm that the family of members get monetary help in case of death of an earning member.

Recently the maximum assurance benefit of EDLI scheme was increased from Rs. 6 lakh to Rs. 7 lakh because of the ongoing Covid-19 pandemic.

If an employee dies during his service then the nominee receives one time pay out for the assurance benefits.

Employees don’t make any contribution to the EDLI scheme, contribution to EDLI scheme is made by employer which shall be 0.75% of Basic + Dearness allowance which is capped at Rs. 75.

To be eligible for this scheme employee must be in service for atleast 12 months.

The minimum assurance benefit under EDLI scheme is Rs. 2.5 Lakh.

The assurance benefit of a member is calculated as thirty times the common monthly salary within the last twelve months of employment and same has been capped at 15,000. A bonus quantity of up to ₹ 1,50,000 is additionally paid to the applicant underneath this theme. and hence the total comes to Rs. 6 lakh.

However during this covid the limit has been increased to Rs. 7 lakh.

The assurance benefit is provided to the nominee of the employee if the employee dies due to natural cause, illness or accident during their service.

No separate nominee needs to be registered for EDLI scheme as the nominee registered for EPF account shall be the nominee under EDLI scheme.

In case nominee is not alive a legal heir can submit a claim. To submit claim the following things needs to be done:

  • Duly filled Form 5 IF must be submitted.
  • Death certificate of the member of EPFO.
  • Succession certification in case someone other than nominee is making the claim.
  • A cancelled cheque of the bank account.
  • Duly filled Form 5 IF must be signed by the employer.
  • In case signature of employer is not available, the Form must be attested by any of the following:
    • Gazetted Officer
    • Magistrate
    • Chairman / Secretary / Member of Municipal or District Local Board
    • Postmaster or Sub Postmaster
    • Local MP or MLA
    • Member of CBT or Regional Committee of EPF
    • Bank Manager (of the financial institution wherein the account is maintained)

The claimant has to submit all documents to regional commissioner’s office. The claim needs to be settled within 30 days of receiving all documents, if same is not done interest at the rate 12% p.a. needs to be paid on same.

 

Since the Provident fund contribution is so common in private companies many person working in private jobs might be covered under this scheme and in this time when many young earning member of a family are dyeing because of Covid, this scheme could really help many people in these difficult times.

Hence, share this as much as with people to make them aware of this scheme.

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