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Highlights
PF account holders get free insurance cowl up to Rs 7 lakh.
This Employee Deposit Linked Scheme is a particular type of loss of life insurance cowl.
This quantity is given to the registered nominee.
New Delhi. At current, greater than 4.50 crore persons are members of EPFO. On one hand, the place its rate of interest is the best, it has different benefits. Today we’ll discuss one such profit associated to it, about which few folks know. Today we’ll talk about in regards to the Employee Deposit Linked Scheme of EPFO right here. Under this scheme, PF account holders get free insurance cowl up to Rs 7 lakh. That is, members get free insurance cowl.
loss of life insurance cowl
This Employee Deposit Linked Scheme of EPFO is a particular type of loss of life insurance cowl. Although nobody needs to make the most of this scheme, however in case of emergency, it proves to be very useful. Under this scheme, in case of unlucky loss of life of the PF account holder, the quantity is paid to the registered nominee.
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Under this scheme, a lump sum fee of Rs 2 lakh is made to the EPFO member. At the identical time, a most of Rs 7 lakh is paid underneath this scheme. This quantity is given to the registered nominee.
In case the nominee is just not registered
If suppose the worker has not registered any nominee underneath EDLI scheme. In this case, full protection is accessible to the worker’s partner or his/her son/daughter. However, the minimal age of the claimant have to be 18 years.
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If you’re a member of EPFO, then nothing has to be carried out individually to be part of this scheme. From a protecting standpoint, each PF member also needs to get e-nomination in his PF account carried out on the earliest, in order that in your absence, the nominee doesn’t face any issues whereas availing the insurance cowl.
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Tags: Epfo, EPFO account, EPFO for self employed, EPFO subscribers
FIRST PUBLISHED : September 11, 2022, 06:51 IST
