2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rs.9 lakh
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Rs.7 lakh
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Rs.10 lakh
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Rs.8 lakh
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Detailed explanation-1: -2021, the EPFO has increased the maximum benefit to Rs. 7 lakh. There is no need for the employees to contribute to EDLI.
Detailed explanation-2: -The claim amount under ELDI is 35 times the average monthly salary in the past 12 months subject to a maximum of 7 lakh.
Detailed explanation-3: -A maximum assured benefit of Rs 7 lakh would be paid to the nominee or legal successor of an EPF member who dies while in service. The minimum guarantee benefit under the EDLI scheme 1976 is Rs 2.5 lakh if the dead member remained in continuous employment for 12 months prior to his or her death.
Detailed explanation-4: -EDLI Calculation for EDLI Charges [Average salary (monthly) of the employee from the past 12 months (which is capped at ₹ 15, 000 per month) * 30] + the bonus amount of ₹ 2.5 lakhs. Hence, the maximum pay-out of insurance content under EDLI will be ₹ 7 lakhs.