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Life Insurance
Employee Provident Fund
EPFO
The Employee Provident Fund (EPF), besides being a trusted investment scheme for salaried employees, comes with various other benefits for them.
One such benefit is 'Life Insurance'
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#LifeInsurance #Insurance #EPFO
One such benefit is 'Life Insurance'
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#LifeInsurance #Insurance #EPFO
Insurance benefit comes under the Employees Deposit Linked Insurance (EDLI) scheme,
On availing, EPFO account holders become eligible for assured "life insurance" benefits of up to ₹7 lakh, without having to pay any amount as a premium.
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#Financial #FinancialFreedom
On availing, EPFO account holders become eligible for assured "life insurance" benefits of up to ₹7 lakh, without having to pay any amount as a premium.
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#Financial #FinancialFreedom
Besides insurance-related benefits, the EDLI scheme, which is available to every PF A/c holder, provides other benefits as well-
1) Assured insurance benefits- Under this, the PF A/c holder legal heir will get up to ₹7 lakh on the EPF member in service demise.
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1) Assured insurance benefits- Under this, the PF A/c holder legal heir will get up to ₹7 lakh on the EPF member in service demise.
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#Banks
2) Minimum assured benefits- of ₹2.5 lakh if the employee was in continuous service in the 12 months prior to death.
3) Free benefits- As stated earlier, employees are not required to pay a premium to avail themselves of the benefits under the EDLI scheme
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#investor
3) Free benefits- As stated earlier, employees are not required to pay a premium to avail themselves of the benefits under the EDLI scheme
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#investor
The employer pays the premium, which amounts to 0.50% of the monthly wages subject to ₹15,000.
4) Auto-enrolment- EPFO members need not register separately to avail themselves of this benefit.
Instead, they become eligible for it upon becoming members of the EPFO.
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4) Auto-enrolment- EPFO members need not register separately to avail themselves of this benefit.
Instead, they become eligible for it upon becoming members of the EPFO.
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5) Direct Bank Transfer- The benefits under this plan are linked directly to the nominee’s bank account or that of the employee’s legal heir.
In case of the EPF A/c holder’s demise, these are transferred directly to the linked bank account.
Hope you got some value.
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In case of the EPF A/c holder’s demise, these are transferred directly to the linked bank account.
Hope you got some value.
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