If you have a PF account open in Employees’ Provident Fund Organization, then you can avail the facility under the Employees’ Deposit Linked Scheme, in which you are given free insurance facility up to Rs.7 lakh.
New Delhi. Most of the employees working in government and non-government sectors have PF account. But do you know that EPF also gives free facilities worth lakhs of rupees to its members.
Free insurance facility up to Rs 7 lakh is provided to the EPF members. If you do not know about this, then we will give you complete information about this scheme.
If you have a PF account open in Employees’ Provident Fund Organization, then you can take advantage of this free facility. This is a special scheme, in which the facility of insurance cover is provided to the EPF members under the Employees Deposit Linked Scheme.
Under this, the nominee who is included in the scheme is paid up to Rs 7 lakh. If you are working in a private company, then you will also get the benefit of this scheme.
This is Employee Deposit Linked Scheme
- Under the Employee Deposit Linked Scheme, if an employee falls ill, accident or natural death, then the nominee decided by that person can claim insurance cover.
- In this scheme, if no nomination has been made by the employee, then the full coverage of insurance is available to the employee’s spouse or his son / daughter.
- The age of the person making the claim should be minimum 18 years. If he is under 18 years of age, then the claim will be made by his guardian.
- Those who are members of EPF, they do not need to do anything to join this scheme. If you are a member of EPF, then you will be automatically included in this scheme.
There are many benefits of this special scheme, which directly benefits the EPF members.
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