The Employees’ Provident Fund Organisation (EPFO) has always been considered as a guaranteed source of return with good interest. The EPFO also provides subscribers to opt for an insurance scheme without any premium.
The scheme is provided under the Employees’ Deposit Linked Insurance or EDLI scheme, 1976 that allows an individual to get benefits up to Rs 7 lakhs.
Recently, EPFO tweeted a post sharing other benefits of EDLI linked insurance scheme as well.
Salient Features of Employees’ Deposit Linked Insurance (EDLI) Scheme, 1976.#EPFO #SocialSecurity #PF #Employees #ईपीएफओ #पीएफ #Services @byadavbjp @Rameswar_Teli @PMOIndia @DDNewslive @airnewsalerts @PIBHindi @PIB_India @MIB_India @mygovindia @PTI_News pic.twitter.com/eV3WCspEp0
— EPFO (@socialepfo) October 17, 2021
Here are some benefits of the EDLI scheme:
– Insurance benefits:
The account holder’s nominee or family members will receive benefits up to Rs 7 lakhs on the death of the account holder. The insurance amount was increased to Rs 7 lakhs in April this year.
– Assured Benefits
The minimum sum assured by the EDLI to the account holder is Rs 2.5 lakh oly if the account holder has been making continuous payments for at least 12 months prior to his/her death.
EPFO members don’t have to separately sign up for the EDLI scheme. They already become eligible once they become EPFO members.
For ease of payment, the EDLI scheme is directly linked to the bank account of the nominee, After the death of the account holder, the money will directly get deposited in the nominee’s bank account. In order to become the legal heir, one must go to the official website of EPFO and fill form 15.
