If you have an
Employees’ Provident Fund (EPF) account, you are automatically entitled to an
insurance benefit of up to ₹7 lakh, free of cost, under the
Employees’ Deposit Linked Insurance (EDLI) scheme.This is a
lesser-known benefit for millions of salaried employees, which provides financial security to your family in case of an unfortunate event.
📌 Key Details About the Insurance
1.
Who is Eligible?o Every employee who is contributing to the
EPF automatically qualifies.o The insurance covers the employee’s
death due to any reason during the service period.2.
Maximum Insurance Covero The maximum insurance amount under
EDLI is
₹7 lakh.o The premium for this insurance is
paid by your employer, so it’s
free for employees.3.
How the Payout Workso In the event of an employee’s death, the nominee receives the
insurance amount along with the
EPF balance.o This provides financial support to the family immediately.
📌 Steps to Ensure Your Family Benefits
1.
Update Nominee Details:o Log in to your
EPF account or contact your employer to ensure the
nominee name is correct.2.
Verify EPF Contributions:o Make sure your
EPF contributions are regular; insurance is linked to your EPF account.3.
Keep Documents Ready:o Your family may need
Aadhaar, bank details, and EPF account details to claim the insurance.
✅ Why This is Important
· Many employees are unaware of this
₹7 lakh insurance cover.· It provides a
financial safety net for the family without any additional cost.· Combined with the
EPF savings, it ensures a secure future even in unfortun
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