The Employees’ Deposit Linked Insurance or EDLI Scheme aims to provide assured monetary security to workers and their immediate family members and is administered under the auspices of the Employees’ Provident Fund Organisation. A unique feature of this Scheme is the coverage of ₹7 lakh insurance being extended to employees even after switching jobs, further emphasizing continuous protection.
What Is The EPFO EDLI Scheme?
Not needing any separate premium payments, EDLI scheme life insurance applied to EPF members. Nominees will receive it when the insured employee dies in service. To ensure complete dignity, the amount has now been enhanced to ₹ 7 lakh for enhanced financial safety of the families.
Key Features Of The EDLI Scheme:
- Maximum insurance coverage: ₹7 lakh
- Covers even after job changes (if EPF is active)
- No separate premium payment needed
- Applicable to all EPF members
- Nominee or legal heir is entitled to receive amount in case of demise of employee
Will The EDLI Scheme Cover You After Changing Jobs?
Yes, assuredly! Changing jobs doesn’t matter because if you are an EPF member, the EDLI scheme still covers you. Since this scheme is linked with the EPF account whereby all insurance benefits under this scheme will be transferred to the new employer once the Universal Account Number (UAN) is active.
Eligibility For EDLI After A Job Change
- Your EPF account should be active under any employer.
- Your UAN must be connected to Aadhaar and updated with your employer.
- There should be no long gaps in EPF contributions.
How To Claim The EDLI Insurance?
The nominee/legal heirs may claim the amount up to ₹7 lakh on the death of EPF members on the following grounds:-
- Download and fill up Form 5 IF (available at EPFO portal).
- Attach the necessary documents, including death certificate, Aadhaar, and bank details.
- Get it attested by the employer or gazetted officer.
- Submit the claim to the EPFO office (offline or via the employer).
- The sum will be transferred into the nominee’s bank account after confirmation.
Conclusion
EPFO EDLI scheme secures the economic stability of employees and their families even after a job change. It is life insurance cover for ₹7 lakh for no extra cost and thus comes in as a valuable cushion for the EPF member. The employees must ensure that their UAN is active for this benefit to carry on from one job to another.
Also Read: EPFO Interest Rate Update: Calculate Your PF Account Interest for This Year Easily