EPFO Insurance
At Present There Are Four And A Half crore PF customers, PF Accounts With Highest Interest And Various Benefits, Free Insurance Cover Up To Rs.7 Lakhs, Eligibility Under Employees Deposit, Linked Insurance Scheme
EPFO: Many People Are Not Aware Of The Benefits Offered By The Pension Regulatory Body EPFO. EPFO Offers Many Benefits To its Members Who open PF accounts. Along With The Highest Interest Rates.. Also Providing Free Insurance Coverage. But To What Extent This Coverage Will Come.. There Is A Possibility To Claim Up To Rs. 7 Lakhs. This Coverage Is Completely Free. PF Account Holders Do Not Need To Pay Any Premiums For This.. Let Us Know These Details.
EPFO: Currently More Than Four And A Half Crore People Are Members Of EPFO. For them, EPFO Offers the Highest Interest Rate on PF accounts. Apart from this, EPFO also offers Various Benefits. Very Few People Know This. Let Us Now Talk About One Of The Benefits Offered By EPFO, the Employees Deposit Linked Insurance Scheme (EDLI Scheme).Under this Scheme, the PF account holders get Insurance Coverage Up To Rs.7 Lakh Free Of Cost. This Insurance Provides The Cover Absolutely Free. Without Paying Any Premium.
Also Read – What is insurance? – Life insurance: General Insurance
EPFO Employees Deposit Linked Insurance Scheme is a special type of death insurance cover. No one wants to benefit from this insurance coverage. But this insurance coverage will save your family from financial hardship in case of any unexpected and unexpected accident. In case of accidental death of the PF account holder, the amount will be given to the nominee registered in the PF account.
If the PF account holder does not add a nominee to his account, the full coverage is given to the employee’s partner or his or her children. The child must be at least 18 years of age to get this insurance coverage. If you are an EPFO member, you don’t need to join this scheme separately. That’s why recently EPFO is suggesting all its customers to add nominee to their accounts. By informing this nominee..if any unexpected accident happens..the money will be provided to the nominees. EPFO provides this insurance coverage even if there are no nominees. But there is a procedure for that. The claim form submitted by the legal heirs should be signed and verified by the company.
Features of EDLI Scheme
- The Benefits Under This Scheme are applicable to the family members, nominees, legal heirs and minors of the PF account holder.
- EPFO members are automatically enrolled under this scheme.
- These benefits are available to the family members and nominees of the account holder only if he is an active member of EPF.
- There Is No Minimum Service Period Required For Availing Edli Benefits.
- 35 Times The Average Monthly Salary Drawn In The Last 12 Months Under The EDLI Scheme. A Maximum Of Rs.7 Lakhs Will Come.
- A Bonus Of Rs.1.75 Lakh Is Also Applicable Under This Scheme.
