Diwali Surprise Gift For 6 Crore EPFO Members: Insurance Cover Hiked To Rs 7 Lakh - Details

The government has raised insurance coverage for all EPFO members under the EDLI scheme, providing up to Rs 7 lakh in benefits. Notably, the move will ensure up to Rs 7 lakh of life cover to more than 6 crore EPFO members.  

The enhanced insurance cover will be applicable retroactively from April 28, 2024, offering wider protection for members. 

Established in 1976, the EDLI scheme offers financial support to EPFO members’ families in case of the member’s demise. 

In 2018, the scheme introduced a minimum cover of Rs 1.5 lakh, which was later raised to Rs 2.5 lakh in 2021.

In April 2021, the maximum insurance benefit was increased from Rs 6 lakh to Rs 7 lakh, ensuring higher financial protection. 

The government removed the requirement for 12 months of continuous service in a single establishment, ensuring coverage for job-switching employees. 

The enhanced benefits were initially valid for three years, ending on April 27, 2024. Retroactive coverage continues from April 28, 2024. (Image Credit: Freepik)