Original Publishing Date: 03-05-2021
Publisher: The Hindu – Business Line
Author: Satya Sontanam
This article talks about the recently increased death insurance benefits by the EPFO (Employees’ Provident Fund Organisation). The minimum death insurance benefit has been increased to 2.5 lakhs, while the maximum has been increased from 6 lakhs to 7 lakhs.
The details of the insurance such as what it is and what benefits it offers are also mentioned here. The Employees’ Deposit Linked Insurance Scheme was introduced in 1976, and it aims to provide income security to the family of a private sector employee after his or her death. The calculations and monetary details of this insurance are also stated.
“While nothing can replace the loss caused due to the death of a loved one, monetary support would help meet the immediate financial needs of the family, especially if the deceased is the breadwinner.”
The main aim of this scheme is to provide monetary support to a family in the case of a death.
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