EPFO: Top 5 options of EDLI scheme that PF account holder ought to know
EPFO-EDLI scheme: The Employees’ Deposit Linked Insurance or EDLI scheme, 1976 is without doubt one of the most necessary schemes operated by Employees’ Provident Fund Organisation (EPFO). As per the EPFO guidelines, a Provident Fund (PF) account holder is eligible for assured life insurance coverage profit as much as ₹7 lakh with out paying any premium. All EPFO members are eligible for this EDLI profit as soon as their PF or EPF account will get opened. Apart from this life insurance coverage profit, there are another options of the EDLI scheme as effectively {that a} PF account holder should know.
To make EPFO members conscious of the EDLI scheme options, EPFO has lately tweeted about its scheme citing, “Salient Features of Employees’ Deposit Linked Insurance (EDLI) Scheme, 1976.”
Here we checklist out prime 5 EPFO-EDLI scheme options that an EPFO member ought to know:
1] Maximum assured profit: Maximum assured profit as much as ₹7 lakh to be paid to the nominee or authorized inheritor of the EPF member if dying happens whereas in service. Earlier, most assured profit was as much as ₹6 lakh, which has been elevated to ₹7 lakh from April 2021.
2] Minimum assured profit: Under EDLI scheme 1976, minimal assurance profit is of ₹2.5 lakh in case the deceased member was in steady employment for 12 months previous to his or her dying.
3] No contribution from staff: This life insurance coverage profit being given to the EPFO member is freed from value for the PF/EPF account holders. Their employer pays 0.50 per cent of the month-to-month wages as much as the ceiling of ₹15,000.
4] Auto enrolment: There is auto enrolment provision for PF or EPF account holders. They turn out to be eligible for EDLI scheme profit as soon as they turn out to be an EPFO member or subscriber.
5] Direct financial institution switch: The EDLI scheme profit can be straight credited to the checking account of the nominee or authorized inheritor of the EPF or PF account holder.
However, for info to the EPFO members, nomination below the EPF scheme is relevant for the EDLI scheme, 1976. To declare insurance coverage profit given below EDLI scheme, the nominee or beneficiary must fill the shape 51F.
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