EPFO subscribers have many benefits. There are also EDLI or Employees Deposit Linked Insurance Scheme subscribers. And EDLI is India’s retirement fund manager. Moreover, there are many latest reports. As per those there is change in life insurance policy amount. However, there are a few things to remember. You can now check your EPF balance online or offline easily as well.
Hike in EDLI scheme
Firstly, EDLI subscribers will be able to pick limited period minimum life insurance. In addition, minimum life insurance can be Rs. 2.5 lakhs. Secondly, April 2019 is the validity of insurance benefit. Besides, in April 2019 there will be next general elections.
Insurance percentage
Authorities told that employee’s families will get minimum insurance. But this is applicable only on one condition. It is that employee dies in service. Whereas retiring EPFO EDLI members gets loyalty benefit. This benefit is up to Rs. 50,000. Apart from this, it depends on wage.
In addition, this is first time introduction of loyalty bonus and minimum insurance. Thus, it helps EDLI subscribers of Employees’ Provident Fund. It was only a few days ago that EPF interest rate announced to be 8.65%.
Labour Minister’s statement
Even Bandaru Dattatreya, said that notification will release soon. Notification is of EPFO PF linked life insurance. Furthermore, authorities will review EDLI situation after two years. Therefore, review of both loyalty bonus and minimum insurance will happen.
Who will get life insurance through EPFO?
Only EPF subscribers are eligible for loyalty bonus and insurance. But EPFO subscribers must contribute to EDLI for 20 years. On other hand, there are three slabs for loyalty bonus. Plus this depends on average wages of members. It applies to provident fund members.
On the other hand, Labour Ministry announced steps to settle EPFO claims. In this way things will be easy for everyone. To know more, check out EPFO UAN member portal.
Wages up to Rs. 5,000 will get Rs. 30,000. Secondly, if average wage is from Rs. 5,000 to Rs. 10,000. Then Rs. 40,000 is loyalty bonus. Finally, for people who get wages between Rs.10,000 and Rs. 15,000. They have different bonus. Because they will receive Rs. 50,000 as loyalty bonus.
Hence, if you are EPFO member. And you are EDLI subscriber also. Then you can get life insurance with loyalty bonus.