PF Account: Good news for Employees Provident Fund-EPF account holders. Everyone who has an EPF account is an employee
PF Account: Good news for Employees Provident Fund-EPF account holders. Everyone with an EPF account is eligible for the Employees Deposit Linked Insurance-EDLI Scheme maintained by the Employees Provident Fund Organization-EPFO. This means that if you have an EPF account, you are eligible for the EDLI scheme. Ascendant EDLI Scheme? Little is known about this scheme. This is an insurance plan. That is the insurance benefit provided by EPFO to all EPF clients. EPFO has recently made some amendments in the Employees Deposit Linked Insurance-EDLI scheme. EPFO officials have decided to offer these insurance benefits to more PF clients.
The EPFO has decided to provide insurance cover to the family members of EPF subscribers who have worked in more than one company for more than 12 months before their death. You can get free insurance from Rs 2.5 lakh to Rs 7 lakh through this scheme. The nominee will receive this sum insured if the EPF client dies while in service.
The EDLI scheme is applicable to all those whose basic salary is less than Rs 15,000 per month. If the basic salary exceeds Rs 15,000, the maximum insurance cover is Rs 7 lakh. Employees do not have to pay money to join the EDLI scheme. The employer has to pay 0.5% of the basic salary or a maximum of Rs.75 per month. The nominee can claim this insurance in case of death in EPF subscriber service. For this, the deceased person needs a death certificate, Form 5 IF and a canceled check of the nominee’s account.
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