If you have an Employees’ Provident Fund (EPF) account, you are automatically entitled to an insurance benefit of up to ₹7 lakh, free of cost, under the Employees’ Deposit Linked Insurance (EDLI) scheme.
This is a lesser-known benefit for millions of salaried employees, which provides financial security to your family in case of an unfortunate event.
📌 Key Details About the Insurance
1. Who is Eligible?
o Every employee who is contributing to the EPF automatically qualifies.
o The insurance covers the employee’s death due to any reason during the service period.
2. Maximum Insurance Cover
o The maximum insurance amount under EDLI is ₹7 lakh.
o The premium for this insurance is paid by your employer, so it’s free for employees.
3. How the Payout Works
o In the event of an employee’s death, the nominee receives the insurance amount along with the EPF balance.
o This provides financial support to the family immediately.
📌 Steps to Ensure Your Family Benefits
1. Update Nominee Details:
o Log in to your EPF account or contact your employer to ensure the nominee name is correct.
2. Verify EPF Contributions:
o Make sure your EPF contributions are regular; insurance is linked to your EPF account.
3. Keep Documents Ready:
o Your family may need Aadhaar, bank details, and EPF account details to claim the insurance.
✅ Why This is Important
· Many employees are unaware of this ₹7 lakh insurance cover.
· It provides a financial safety net for the family without any additional cost.
· Combined with the EPF savings, it ensures a secure future even in unfortun
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
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