EPFO News: EPFO has increased the insurance cover under the EDLI to Rs seven lakhs. Earlier the amount of insurance cover was Rs 2.5 lakhs.
EPFO News: Employees’ Provident Fund Organization is extremely helpful for crores of employees. PF money comes in time of need and in future. Now EPFO is offering new facilities for its members. In view of the epidemic going on in the country, Corona Insurance Cover is being provided. EPFO has increased the insurance cover under the EDLI to seven lakh rupees. Corona Insurance cover of EPFO will be provided to the same employees. Who have worked in more than one institute within a year. This claim can also be done in case of illness, accident or death. Earlier the amount of insurance cover was 2.5 lakh rupees. Let the Employees Provident Fund Organization bring this scheme in view of the Kovid transition.
How the claim is calculated
Claims in the EDLI scheme are calculated on the basis of 12 months basic salary and DA received by the employee. The claim for this insurance is 35 times the last basic salary and DA. If 12 months basic salary and DA is 15 thousand rupees, the claim will be 35 times 15 thousand plus one lakh 75 thousand i.e. 7 lakh rupees.
This is how the claim will be
On the death of an EPF member, he can claim a nominee or successor for insurance cover. If the claimant is under 18 years of age. His family can claim on his behalf. For this, the insurance company will have to give the employee’s death certificate, succession certificate, guardian letter and bank details applied on behalf of the minor nominee.
