EPFO EDLI Scheme: Because you work in a private firm, your PF contributions are being deducted. This piece of news is of utmost importance for you. Many of you must be contributing towards your EPF, but you are not aware of the fact that you are getting a tremendous benefit without paying a dime. Yes, EPFO offers its members free insurance of ₹7 lakh under a special plan.
This service is available to the employees, and they need to be associated with EPFO as well as have their PF accounts activated. The best part about this service is that the employee doesn’t need to pay a single premium for this; the company takes the entire responsibility.
What is EPFO’s EDLI Scheme?
This scheme is known as the Employees’ Deposit Linked Insurance, generally abbreviated as EDLI. It was introduced by the EPFO, which is the Employees’ Provident Fund Organisation, for offering monetary assistance to the employee’s family in case of his/her unfortunate death.
Under the EDLI scheme, if an EPF member dies while employed, the insurance amount is provided to the family or nominee. This can be up to ₹7 lakh. This money is directly given to them so that they do not face financial problems at this difficult time.
Coverage of ₹7 lakh without any payment
The major benefit of this fund scheme is that the employee will not be required to pay any amount to avail this scheme. The company linked to EPFO will pay the premium amount. It means that nothing will be deducted from your wages for EDLI benefits, and you will get the benefit in full.
Every single employee under the charge of EPF will automatically be covered under this scheme. There is no need to apply separately.
What makes the EPFO scheme important?
In the present scenario, the rate of inflation is steadily escalating, making it difficult for any individual family to handle financial adversities. Under these circumstances, the EDLI scheme offered by the EPFO works as a protective safety net.
This program proves that the government, along with the EPFO, not only considers the savings but also the future security of the employees.
Disclaimer: This article is for general informational purposes only. The information provided is based on publicly available sources and general information related to EPFO.
The terms and conditions of the scheme may change from time to time. Before making any decisions, please obtain information from the official EPFO website or your nearest EPFO office. The author or platform will not be responsible for any losses.
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