8 Things To Know About EPF Insurance

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Employees' Deposit-Linked Insurance Scheme

Employees' Deposit-Linked Insurance Scheme (EDLI) provides death cover and financial assistance to the employee's dependents.

Employee Deposit Linked Insurance Scheme

Eligibility

The scheme is available to all employees of establishments covered under the Employees' Provident Fund (EPF) Act.

EPF Covered Enterprises

Contributions

The subscriber does not make the contributions, but the company contributes a percentage of the employee's monthly salary to this scheme.

No contributions By The Subscribers

Assured Benefits

The employee's legal heirs are assured to receive a maximum of Rs 7 lakh if the EPF member dies in service.

Applicability

The scheme’s coverage applies even if the employee changed jobs in the past 12 months before death.

Multiple Jobs

Default Scheme

The employees get enrolled in the EDLI scheme by default if the organisation is covered under the EPF Act and can opt out for a higher-paying insurance plan.

Applied By Default

Employer's Contribution

The employer contributes a minimum of 0.5% and a maximum of Rs 15,000 of the employee's salary monthly.

Amount Contributed

Claim

The nominee can apply for a deceased member's EDLI, PF, and pension benefits by submitting a composite form, a death certificate and a cancelled bank cheque.

Insurance Claim

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