You also have a free Rs 7 lakh insurance!

Employees’ Provident Fund Organization (EPFO) provides many facilities to its members. Under this, you can easily check your account balance sitting at home. Also, you can add the name of the nominee. The money deposited in the EPFO ​​account is the biggest future capital of any employee. After retirement, the employees get this money. This account holder gets life insurance cover up to Rs 7 lakh and that too absolutely free of cost.

When will this facility be available?
Apart from securing the future, PF also gives you the benefit of insurance of Rs 7 lakh for free under the Employee Deposit Linked Scheme. In this, if a PF account holder dies due to any reason, then his family is given assistance of Rs 7 lakh from EPFO. This is the reason that from time to time EPFO ​​keeps appealing to the account holders to add nominees.

What is the EDLI scheme?
Many PF account holders are not aware of the EDLI scheme and the account holders are not able to take advantage of it. Under this scheme, in case of the death of an account holder in an accident, his nominee is given the salary of the last 12 months or an assistance amount of Rs 7 lakh. But if the name of the nominee is not there, then the amount is received only after the signature and succession certificate of all the legal heirs of the account holder. 8.33% of the total money deposited in PF account is deposited in EPS, 3.67% in EPF, and 0.5% in EDLI.

Benefits of EDLI Scheme
– Under the EDLI scheme, PF account holders get an insurance claim of a minimum of Rs 2.5 lakh and a maximum Rs 7 lakh.
– Such account holders who have worked for at least 12 consecutive months can claim up to Rs 2.5 lakh.
– 0.5% contribution of EDLI scheme is done by the company.
– If an account holder has left the job, then in such situations his family will not get the insurance claim.
– Nominee will have to go to EPFO ​​office to claim insurance.