EPFO allows cos to opt for group cover from pvt insurers

India Infoline News Service | Mumbai |

Currently, an EPFO subscriber gets insurance cover of up to Rs. 1 lakh before superannuation

The Employees' Provident Fund Organisation (EPFO) has appointed Edelweiss Tokio Life Insurance to provide this group term insurance plan in lieu of Employees' Deposit Linked Insurance (EDLI) Scheme.

Currently, an EPFO subscriber gets insurance cover of up to Rs. 1 lakh before superannuation.

According to a circular issued by EPFO to its field offices, all those employers who would opt for the "Edelweiss Tokio Life-Group Life Protection" would be given exemption from the EDLI scheme 1976.

The EPFO found that the benefits under the Edelweiss Tokio Life-Group Life Protection plan are better than those under the EDLI Scheme 1976, the circular added.

 

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