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EPFO to raise maximum insurance cover to Rs 5.5 lakh

The proposal to raise the insurance benefit for over six crore subscribers of the Employees' Provident Fund Organisation will be put up for approval of Pension and EDLI Implementation Committee on September 9, as per the agenda of the meeting.

The product available at Rs 1.2 per day provides Rs 50,000 inpatient and Rs 10,000 OPD coverage, the company said.
In the 15 years since the private sector was allowed into the sector, these companies have seen their combined market share fall to 55 per cent from 100 per cent.
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