Boosting Life Insurance: EPFO's Extended EDLI Scheme

The Union Labour Minister Mansukh Mandaviya has announced the extension of enhanced insurance benefits under the EDLI Scheme for EPFO members. This move provides up to Rs 7 lakh life cover for over 6 crore members with retrospective effect from April 28, 2024, continuing the improved benefits initiated in 2021.

The Indian government has expanded the Employees' Deposit Linked Insurance Scheme, offering enhanced coverage for EPFO members. Under this extension, life insurance cover of up to Rs 7 lakh is available, marking a significant increase from previous limits.

Originally launched in 1976, the EDLI Scheme provides financial security to the families of deceased EPFO members. The most recent changes, initially set in motion in 2021, improved minimum and maximum insurance benefits to Rs 2.5 lakh and Rs 7 lakh, respectively.

With the scheme's initial benefits period ending on April 27, 2024, the renewal announced by Labour Minister Mansukh Mandaviya ensures continued support for millions of members, including those who've recently switched jobs.

(With inputs from agencies.)