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EPFO Scheme: This plan of EPFO gives benefit of 7 lakhs, no premium has to be paid, know scheme details

EPFO Scheme: This plan of EPFO gives benefit of 7 lakhs, no premium has to be paid, know scheme details

 

Various schemes are run by EPFO ​​for its members. The benefit of these schemes is available only to those people who are members of EPFO. One of these schemes is the EDLI scheme. Which gives the benefit of insurance facility.

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New Delhi: A part of the salary of salaried people is deducted as PF. The pension facility of the salaried people is managed after retirement only through the PF account. PPF account and this facility is operated by EPFO. Various schemes are run by EPFO ​​for its members. The benefit of these schemes is available only to those people who are members of EPFO. One of these schemes is the EDLI scheme. Which gives the benefit of insurance facility.

What is this EDLI scheme

In case of accidental death of its members, the benefit of insurance cover is given by EPFO ​​to his family. In case of accidental death of an EPFO ​​member, his family gets the benefit of an insurance cover of up to Rs 7 lakh. However, for this, it is necessary for the EPFO ​​member to be in the service period for 12 consecutive months.

Apart from this, this insurance cover is also available to those people who have worked in more than one place within 1 year. Insurance can be claimed on behalf of the family members of the employee in case of sudden death of the employee. The claiming member in the EDLI scheme should be the nominee of the employee. Let us tell you that even after death due to corona, the benefit of this insurance cover is available.

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This facility is absolutely free

You do not have to pay any money separately as premium to take advantage of insurance under EPFO’s EDLI scheme. Contribution to this scheme is made by the employer ie the organization where you are working. Apart from this, if you want to claim under this, then the insurance company will have to provide the death certificate of the employee, succession certificate, certificate of the guardian applying on behalf of the minor nominee and bank details.

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