PF Insurance Amount raised
Posted on: 07/Sep/2015 3:14:21 PM
EPFO (Employees Provident Fund Organisation) has decided to raise the insurance coverage for subscribers insurance from Rs. 3.06 Lakhs to Rs. 5.5 Lakhs.
It has been announced that an announcement on this regard will be made after the meeting scheduled on 9th September. PF Trust members have to give their approval.
If this is processed, over 6 Crores of Provident Fund Subscribers will benefit from this.
In the prevailing procedure, if a PF subscriber who has paid PF subscription for over a year dies, the insurance benefits will be handed over to his/her family.
The insurance will be the equivalent of of 20 times the average monthly salary drawn in the last year of service. As per this procedure, a maximum amount of Rs. 3.60 lakhs can be claimed.
Now, it has been proposed to raise this amount to Rs. 5.5 Lakhs.
