The Employees Provident Fund Organisation (EPFO) on 16 September 2015 increased the life insurance cover of its subscribers from 3.6 lakh to 6 lakh rupees.
The central board of trustees (CBT), the highest decision-making body of the EPFO, also decided that the subscriber will not be required to serve continuous employment of one year in a company before being eligible for insurance benefit.
About 40 million contributing members of the EPFO will be benefitted from the decision taken at the 208th CBT meeting in Hyderabad.
The life cover, called Employees Deposit Linked Insurance (EDLI), is paid to the family of the EPF subscriber in case of his/her demise.
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When: 16 September 2015