Dependents of Covid-19 victims can claim Rs 7 lakh insurance from EPFO
If the deceased was into a formal employment, contributing to the EPF, he or she will be eligible for life insurance in the range of Rs 2.5 lakh to Rs 7 lakh in proportion of the basic salary
The second wave of Covid-19 has hurt many families. The daily death count has crossed 4,500-mark. While nothing could make up for the emotional loss, any financial support to the bereaved family could be a boon in such difficult times. One such is Employees Deposit Linked Insurance (EDLI) Scheme. If the deceased was into a formal employment, contributing to the Employee Provident Fund, he or she will be eligible for life insurance in the range of Rs 2.5 lakh to Rs 7 lakh in proportion of the basic salary.
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A screenshot of a LinkedIn post by ISB gold medalist Sarthak Ahuja has recently gone viral on WhatsApp and other social media with a claim that if someone with active employment passes away due to COVID-19, his or her legal heirs are eligible to receive money up to Rs7 lakh under the Employee Deposit Linked Insurance (EDLI) scheme.
If you know anyone who has passed away due to COVID-19 and was inactive employment, their family and legal heirs may be eligible to receive a minimum of Rs2.5 lakh and max up to Rs7 lakh (updated Sep 2020) under the Employee Deposit Linked Insurance (EDLI) Scheme. If they were covered under PF with the EPFO, they were by default signed up for this life insurance cover. The legal heirs may have to file a Form 5 IF with the EPF Commissioner, countersigned by the employer, the viral message reads.
All you wanted to know about Employees’ Provident Fund Organisation
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The Employees’ Provident Fund Organisation (EPFO) recently hiked the death insurance benefits for subscribers under the Employees’ Deposit Linked Insurance (EDLI) scheme. The minimum death cover has been increased to ₹2.5 lakh effective retrospectively from February 15, 2020. The maximum benefit under the scheme has also been hiked to ₹7 lakh from ₹6 lakh. These new limits will be in effect for three years from April 28, 2021.
What is it?
To provide income security to the family of a private sector employee after his/her death, the government introduced the Employees’ Deposit Linked Insurance Scheme in 1976. This life insurance scheme covers all active members of the employees’ provident fund. For availing the insurance cover, employees need not contribute any amount. It is supported by a nominal contribution by the employer. If you have not heard about the EDLI scheme, that could be because yo