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 / Deptt: Item 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 26.02.2021: AS(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.
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