The same Spin School recently went viral with a screenshot of Indian School of Business gold medalist Sarthak Ahuja being shared on LinkedIn. It claimed that if a government employee dies from Kovid-19, his family members can get Rs 7 lakh under Employee Deposit Link Assurance (EDLI). Let us tell you how much fact there is in this news.
True This claim was investigated and found to be true. The Ministry of Labor has decided to increase the amount of Death Insurance Benefit. In this time of crisis, the sum insured under the Employee Deposit Lind Insurance Scheme, 1976 has been increased to Rs. 7 lakhs. 5 crore EPFO subscribers will get benefit. Now in case of death of an account holder, the minimum sum insured has been increased to Rs 2.5 lakh and the maximum amount has been increased to Rs 7 lakh. Before that the amount was up to Rs 2 lakh and Rs 6 lakh.
How much will have to be paid together under the scheme. The employee does not have to pay any amount for it.
This means that this insurance cover is free to subscribers. It is done with a PF account. It can also be taken in case of death due to covid-19.