New Delhi. At present, more than 4.50 crore people are members of EPFO. On one hand, where its interest rate is the highest, it has other advantages. Today we will talk about one such benefit related to it, about which few people know.
Today we will discuss about the Employee Deposit Linked Scheme of EPFO here. Under this scheme, PF account holders get free insurance cover up to Rs 7 lakh. That is, members get free insurance cover.
Death Insurance Cover
This Employee Deposit Linked Scheme of EPFO is a special type of death insurance cover. Although no one wants to take advantage of this scheme, but in case of emergency, it proves to be very helpful. Under this scheme, in case of unfortunate death of the PF account holder, the amount is paid to the registered nominee.
Under this scheme, a lump sum payment of Rs 2 lakh is made to the EPFO member. At the same time, a maximum of Rs 7 lakh is paid under this scheme. This amount is given to the registered nominee.
In case the nominee is not registered,
if suppose the employee has not registered any nominee under the EDLI scheme. In this situation, full coverage is available to the employee’s spouse or his/her son/daughter. However, the minimum age of the claimant must be 18 years.
If you are a member of EPFO, then nothing has to be done separately to join this scheme. From a protective point of view, every PF member should also get e-nomination in his PF account done at the earliest, so that in your absence, the nominee does not face any problems while availing the insurance cover.
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