Payout from EPFO insurance scheme is tax free: Check details here

The minimum death benefit under the scheme has been fixed at Rs 2.5 lakh, with effect from February 15, 2020. A bonus is also available under the scheme. The maximum is Rs 1.75 lakh

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Prashant Singh, business head, compliance and payroll outsourcing, TeamLease Services, said, “The insurance amount is paid to the family of the EDLI scheme subscriber if the latter dies while in employment.”

Bindisha Sarang Mumbai

4 min read Last Updated : May 12 2021 | 6:10 AM IST

In a bid to support employees affected by the coronavirus pandemic, the Employees' Provident Fund Organisation (EPFO) raised the maximum benefit available under the Employees' Deposit Linked Insurance (EDLI) scheme from Rs 6 lakh to Rs 7 lakh (35 times the basic salary), according to a gazette notification dated April 29, 2021.

The minimum death benefit under the scheme has been fixed at Rs 2.5 lakh, with effect from February 15, 2020. A bonus is also available under the scheme. The maximum is Rs 1.75 lakh.

Prashant Singh, business head, compliance and payroll outsourcing, TeamLease Services, said, “The insurance amount is paid

Topics : Coronavirus EPFO insurance cover Insurance scheme