This is really a good news for EPF Subscribers. Central Government has modified the norms under Employee Deposit Linked Insurance Scheme.
If you are a EPF Subscriber and covered under Employee Deposit Linked Insurance(EDLI)1976 scheme, you were entitled to get up to 7 Lakh rupees benefits that too without any premium from your side.
As per the twitter a/c of the EPFO-
- All EPF Subscribers are enrolled under Employee Deposit Linked Insurance(EDLI) Scheme
- No Additional Premium has to be bear by the Employee. Employers contribution would be attached to the EDLI Scheme
- In case of the unfortunate demise of the EPF Subscriber, Nominee/Legal Heirs will be entitled to receive 7 Lakhs
- It was earlier 6 Lakhs
- The Increased compensation comes into effect from April 2021 onwards
- After Demise of the EPF Subscriber, EPFO will be liable to pay 2.5 Lakh up to 1 Year from the date of the demise.
- The Claim amount would be directly credited to the nominee/legal heirs bank a/c. For that the beneficiaries(Nominee/Legal Heir)should attach “Form51F” and submit to the EPFO