All subscribers (members) of EPFO are covered under the Employees Deposit Linked Insurance Scheme (EDLI) 1976. Under which EPFO members get insurance cover up to Rs 7 lakh
EPFO: The country’s largest Employees Provident Fund Organization (EPFO) is providing many facilities to the employed people. At present, more than 4.50 crore people are members of EPFO.
The PF of the people doing the job gets deducted. Life insurance cover up to Rs 7 lakh is available on the basis of your PF account. Life cover up to Rs 7 lakh is given to PF account holders by EPFO. It is important for everyone to know about this.
Explain that all subscribers (members) of EPFO are covered under the Employees Deposit Linked Insurance Scheme (EDLI) 1976. In such a situation, if an employee dies during the job, then his nominee can get financial assistance of up to 7 lakhs under this scheme.
Contribution is done every month in EDLI scheme
Under the EDLI scheme, if the EPFO member dies, financial assistance is provided to his family. The insurance amount available under EDLI depends on the salary of the last 12 months. The amount of PF that is deposited from the salary of the employee every month. Of this, 8.33 per cent goes to EPS, 3.67 per cent to EPF and 0.5 per cent to EDLI scheme. Generally people know about PF money and pension scheme. But EDLI scheme is not known.
Amount will be given even on death from Corona
Under the EDLI scheme, insurance cover can be provided in case of illness, accident or natural death of the employee. If an employee also dies due to Kovid-19, then the next of kin can get Rs 7 lakh under EDLI.
lump sum money
After the death of the employee, the claim will be made on behalf of the nominee. Its money is received in lump sum. If someone does not have a nominee, then this claim is given on behalf of the legal heir. In this case, the spouse of the deceased employee, their children are the beneficiaries.
do e-nomination
If you are a member of EPFO, then you do not have to do anything separately to join this scheme. Every PF member can get E-Nomination done in his PF account as soon as possible. So that after you the nominee can get the benefit of insurance cover.
