Revision of the benefit of Deposit Linked Insurance Coverage from GPF: Item No. 3/19/SC Standing Committee Meeting

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Revision of the benefit of Deposit Linked Insurance Coverage from GPF: Item No. 3/19/SC Standing Committee Meeting

Revision of the benefit of Deposit Linked Insurance Coverage from GPF: Item No. 3/19/SC Standing Committee Meeting AGENDA DISCUSSED DURING THE STANDI

Gazette Notification regarding increase in wage ceiling from Rs.6500/- to Rs.15,000/- under EPS,1995, EPFS,1952 & EDLI,1995
EPS pensioners assured of minimum pension of Rs. 1000 per month
Settlement of death claims on priority basis in events of industrial  accidents, etc.: EPFO

Revision of the benefit of Deposit Linked Insurance Coverage from GPF: Item No. 3/19/SC Standing Committee Meeting

AGENDA DISCUSSED DURING THE STANDING COMMITTEE MEETING HELD ON 26.2.2021 – DECISIONS TAKEN

A. Unresolved Items of the Earlier SCM held on 7.3.2019

Item No. and Ministry / DepttItem No. 3/ 19/SC Pension & PW

Subject: Revision of the benefit of Deposit Linked Insurance Coverage from GPF

Decision in the Meeting of 7.3.2019: Revision of the benefit of Deposit Linked Insurance Coverage from GPF.

Under GPF Rule 33-B, nominees are entitled to get Rs. 60,000/- whereas, under New EPF scheme, nominees are entitled to get Rs.6,00,000/-. Hence request is to enhance the existing benefit from Rs.60,000/- to Rs.6,00,000 /- under GPF Rules also.

Status as on 25.02.2021: Joint Secretary (Pension) informed that a proposal was sent to Department of Expenditure to consider enhancement of the limit set for Deposit Linked Insurance Scheme,1976 from Rs.60,000/- to Rs.6,00,000/-. Department of Expenditure requested for clarification and some precedent cases which are with EPFO. He further informed that the Department of Expenditure has  been reminded to take action expeditiously.

Discussions/Decision on 26.02.2021AS(Pers), D/o Expenditure informed that DOE has been examining this issue independently without linking it with the Scheme of EPFO. 

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The revised proposal is that the limit of benefit under Deposit Linked Insurance Coverage from GPF may be enhanced from Rs. 60,000 to Rs. 3.50 Lakh. Matter is under consideration of Department of Expenditure.

revision-of-the-benefit-of-deposit-linked-insurance-coverage-from-gpf-standing-committee-meeting

View other Items of Standing Committee Meeting:

Final Minutes of the meeting of the Standing Committee of JCM held on 26.02.2021

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