NEW DELHI: The labour ministry on Thursday notified the new Employees’ Deposit Linked Insurance Scheme, 2021 under which it has been decided to hike the maximum sum assured from the existing Rs 6 lakh to Rs 7 lakh, and for minimum sum assured to continue at Rs 2.5 lakh to member beneficiaries.
The decision to this effect was taken in September 2020 during a meeting of the Central Board of Trustees (CBT) of the retirement fund body, where it was also decided to continue payment of minimum sum assured of Rs 2.5 lakh under the scheme beyond February 14, 2020.
With the issuance of the gazette notification on Thursday, a senior labour ministry official said the hike in the maximum sum assured will be enforced immediately, while the provision of minimum sum assured of Rs 2.5 lakh will be applicable retrospectively from February 15, 2020.