EPFO: PF is deducted for private company employees who get many facilities. There are a large number of PF employees who are not aware of the facilities provided by EPFO. You will be happy to know that PF employees get pension, interest, and insurance.
The insurance is also not less, but a cover of up to Rs 7 lakh is given. EPFO started this scheme, which is very important for account holders. The company, not the employee, must pay the insurance premium. The benefit of this scheme is available under the EDLI scheme. Employees coming under EPFO should take advantage of the EDLI scheme. This provides a shield of financial security.
How does the EDLI scheme work?
If PF is deducted while working in the organized sector, you will benefit from the EDLI scheme. The purpose of the EDLI scheme is to provide insurance protection to employees. If an employee dies during service, his legal heir or the nominee benefits from the insurance amount.
EDLI provides insurance of a minimum of Rs 2.5 lakh and a maximum of Rs 7 lakh. The insurance amount depends on the average salary of the last 12 months. Most importantly, no other insurance policy will be affected by this. It helps as additional insurance protection.
Know the eligibility and conditions.
Only those employees who are EPFO members will benefit from the EDLI scheme. If the employee works continuously for 12 months and dies suddenly, then the legal heir will get insurance up to Rs 2.5 lakh. If the employee dies due to an accident or any other accident during the job, then a claim is made under Asikam. If there is no nomination, the spouse, unmarried daughters, and minor sons will legally benefit from the insurance amount.
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