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| Good news for EPFO members in India. Free insurance added to all the active PF account holders. The government has added an extra benefit to all PF account holders |
Good news for EPFO members in India. Free insurance added to all the active PF account holders. The government has added an extra benefit to all PF account holders. All employees who have active PF accounts will get free insurance covering up to 7 lacs as per this new scheme, which is called as Employee Deposited Linked Scheme or EDLI scheme. Let's start with,
Free Insurance For PF Account Holders
What are the new benefits for EPFO members?
Time to time the government makes changes to EPFO account holders. As per several media reports, All employees who have active PF accounts, and use same accounts to the new joining company also. They will get free Insurance cover up to Rs 7 lakhs.
This new scheme is called as EDLI or Employee Deposite Linked Insurace, under this new EDLI scheme 2022, employee should have active accounts, where employee gets PF amount every month. All such employees are eligible for this free insurance. Employees, who have PF account. but withdrawn the PF from their EPF account, They will not get this new bebefits.
Under this new scheme eligible employees will get sum of Rs 2 lakh Insurance cover, and incase of death, maximum of Rs 7 lakh will be given to the registered nominee. However, No one likes death, but it is more important for family after life of any employees.
Who will get Insurance amount after employee death?
EPF account member gets up to 2 laks Insurance coverage under this scheme, But incase of employee death, sum if Rs 7 lakhs will be paid to regustered nominee.
If employee has not registered any nominee name, in this case, spouse or son/daughter will get death Insurance amount, but only 18+ ages persons are eligible for the nominee in EPF account.
How can I apply for EDLI scheme or PF Insurance scheme?
If you are EPF account member, then you have already got this Insurance cover under EPFO new scheme. You do not have to do anything for this, but please ensure ti registered your nominee name. So incase of your death, Your family can claim your PF balance and Insurance amount without any obstacle.
What is EPF or Employee Provident Fund account?
In India, more than 2 crore people have the active PF accounts. EPF or employee provident fund is a government fund account for employees, where employee get a fix percentage of their basic salary every month, and employer also contributes same amount to the employees PF accounts.
All employees are eligible for PF account. But it is mandatory to open PF account for those employees, who earns less than Rs 15000 per month, employee who earning above Rs 15000, they can also choose as voluntarily to open employee provident fund accounts.