EPFO Covid Insurance Cover The special thing is that this insurance cover will also be available to the employees who have worked in more than one establishment within a year. This can also be done on behalf of the employee’s relatives on sickness accident or natural death.
The Employees Provident Fund Organization (EPFO) is also providing corona life insurance of Rs seven lakh to its members. It is necessary that more and more people are made aware in this regard, so that they can get the insurance amount on time by presenting a claim. EPFO has increased the insurance cover to Rs seven lakh under EDLI (Employees Deposit Linked Insurance Scheme).
The special thing is that this insurance cover will also be available to those employees who have worked in more than one establishment within a year. It can also be done on behalf of the employee’s relatives on sickness, accident or natural death. Till now the amount of insurance cover was 2.5 lakh rupees. Under this scheme, the claiming member should be the nominee of the employee. He can claim implai in case of illness, accident or natural death.
The EPFO has introduced this scheme to give relief to its members in the Corona period. Basic salary of employees working in any organized group and 12% of DA goes to EPF (Employee Provident Fund). Also, 12 percent is contributed by the company or the employer. Of this, 8.33 percent of the employer’s 12 percent goes into the Employee Pension Scheme (EPS). Thus, only EDLI scheme pays premium on behalf of the company.
This is how the claim is calculated
In the EDLI scheme, claims are calculated on the basis of the last 12 months basic salary and DA received by the employee. The claim cover of this insurance will be 35 times the last basic salary and DA. Suppose the basic salary and DA for the last 12 months is 15 thousand rupees, then the insurance claim will be 35 times 15 thousand plus one lakh 75 thousand rupees i.e. seven lakhs.
This is how the claim will be
If the EPF member has died prematurely, his nominee or successor will be able to claim the insurance cover. If the claimant is less than 18 years, then his / her guardian can claim on his / her behalf. For this, the insurance company will have to give the certificate of death of the employee, succession certificate, guardian certificate and bank details applying on behalf of the minor nominee.
Regional Commissioner of Employees Provident Fund Organization Jai Kumar said that it has been fully implemented by the Employees Provident Fund Organization keeping in mind the interests of its members and it will benefit all the members.
