EPFO hikes death insurance under EDLI scheme to Rs. 7 lakh- EDLI Latest Update

In a gazette notification, the Employees’ Provident Fund Organisation (EPFO) said the minimum death insurance has been increased to Rs. 2.5 lakh and the maximum to Rs. 7 lakh, from the earlier limits of Rs. 2 lakh and Rs.6 lakh, respectively.

“The following proviso shall be inserted and shall be deemed to have been inserted with effect from the 15th day of February 2020… provided that the assurance benefit shall not be less than two lakh and fifty thousand rupees,” the notification said.

It means the lower limit of this insurance benefit will be effective retrospectively from February 15, 2020.

“While the lower limit is coming with retrospective effect, the upper limit has a prospective effect,” said labour secretary Apurva Chandra.

Source- EDLI- Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2021