Insurance benefits under the Employees’ Deposit Linked Insurance Scheme (EDLI) enhanced
On 29th May, 2021 the Prime Ministers Office announced that they would be enhancing and liberalising insurance benefits under the EDLI scheme to help the families of employees who have lost their lives due to COVID.
Amount of maximum insurance benefit has been increased from ₹ 6 lakh to ₹ 7 lakh
Minimum assurance benefit of ₹2.5 lakh to eligible family members of deceased employees who was a member for a continuous period of 12 months in one or more establishments preceding his death in place of existing provision of continuous employment in the same establishment for 12 months. It will benefit contractual/casual labourers were losing out on benefits due to condition of continuous one year in one establishment.
c. Restoration of provision of minimum 2.5 lakh compensation retrospectively, i.e., from 15th February 2020.
d. In coming 3 years, the actuary has estimated that eligible family members will get an additional benefit of Rs. 2185 crore from EDLI fund in the years 2021-22 to 2023-24.
e. Number of claims on account of death under the scheme has been estimated to be about 50,000 families per year including increase in claims taking into account estimated death of about 10,000 workers, which may occur due to Covid.
