Free Rs 4 lakh insurance for EPFO members!
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Rs 7 lakh free insurance for EPFO members. Members of the Employees Provident Fund Organization should be aware that they have a free life insurance policy of Rs 7 lakh along with their account. The facility is being offered under Employees Deposit Insurance Scheme 1976.
Most importantly, members do not have to pay a premium for life insurance. EPFO members automatically get this insurance benefit. The EDLI school offers many benefits, not just insurance. If a member of the EPFO dies while on the job, his or her nominee or legal successor will receive a maximum sum of up to Rs 7 lakh. In April this year, the limit was raised from Rs 6 lakh to Rs 7 lakh. The scheme offers a minimum of Rs 2.5 lakh. Employees do not have to pay any premium for the EDLI scheme.
The EPFO employer deducts the premium from the deposits made for him. The maximum monthly salary of an employee is Rs 15,000 and Rs 0.50 per cent of it is taken as a premium. Under the EDLI scheme, the sum insured is deposited directly into the nominee of the deceased employee or the bank account of the legal heir.
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