Retirement fund body EPFO next month is likely to consider and approve a proposal to provide life insurance cover to its subscribers for three years after cessation of employment. “EPFO trustees, in the meeting expected next month, will take up and consider the proposal to provide insurance cover under its EDlI scheme to its subscribers for three years after losing job,” a source said.
“The maximum sum assured under the Employees' Deposit linked Scheme (EDlI) will soon be enhanced to Rs6 lakh this month,” the source said. In September last, the E P FO’s apex decision making body Central Board of Trustees' (CBT) had decided to increase benefits under the EDlI scheme from Rs3.6 lakh to Rs6 lakh.
However, the decision could not be implemented because the notification to amend the scheme was not issued as it was stuck in law ministry. The source said, “The notification will be issued this month only to enhance the benefits under EDlI to Rs6 lakh.” It gives for voluntary retention of EDlI membership to subscribers at reduced rate of contribution for 3 years after losing job.