Employees Deposit Linked Insurance Scheme: Calculation of assurance benefit under EDLI Scheme
The Employees' Provident Fund Organisation has observed various cases in which beneficiaries get relatively little money in the settlement of Employees Deposit Linked Insurance Scheme (EDLI) claims of deceased members. “It is mandated that specifically in EDLI cases where the amount payable to the beneficiary of a deceased member is less than the Rs 2.5 lakh minimum assurance benefit, it be ensured from MIS that the service rendered by the members under different MIDs, if any, have been transferred and taken into account for the computation of the payable benefit,” stated an EPFO circular issued on November 25, 2023.
Multiple EPF accounts linked
Many deceased members had several PF ids (A/cs) connected to their individual UANs. According to the EPFO notification dated November 25, 2023, “While analyzing the data on settlement of death claims it has been observed that in several cases the deceased members had multiple PF ids (A/cs) linked to their respective UAN. This makes verification of previous membership of the deceased member from the MIS a prerequisite before settling the death claims, as this facility is not available in F.0 interface or the application software. If this manual verification from MIS is not done, then benefits to the intended beneficiaries are adversely impacted.”
In this regard, your kind attention is invited to the page number 179 of Manual of Accounting Procedure Part-II-A and II-B dealing with the procedure of transfer of account after the death of the member — prescribes as follows:
«11.9 Where a Provident Fund account has not been transferred during the life time of the member on account of non-submission of transfer application or for any other reason, and if it is brought to the notice
