The Central Government has amended the Employees’ Deposit-Linked Insurance Scheme, 1976, through the Employees’ Deposit-Linked Insurance (Second Amendment) Scheme 2024, effective from April 28, 2024.

In case of an employee’s death who is a member of the Fund or a PF exempted under Section 17 of the Act & was in employment for a continuous period of 12 months preceding the month he died, the beneficiary will receive (besides the PF accumulations of the deceased ), a benefit based on the average monthly wages (up to ₹15,000) , during the twelve months preceding the month in which he died, multiplied by thirty-five times and 50% of the average balance in the account of the deceased in the fund or of a provident fund exempted under section 17 of the Act or under paragraph 27 or 27 A of the Employees’ Provident Funds Scheme, 1952, as the case may be, during the preceding twelve months , with a ceiling of ₹1.75 lakh.

The assurance benefit shall not be less than ₹2.5 lakh, and the maximum is ₹7 lakh. For part-time employees, the benefit is based on average wages of the aggregate of all the wages wherever he was continuously working for more than twelve months, subject to the wage ceiling of fifteen thousand rupees.