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EDLI Scheme: If you work in the unorganized sector, then a part of your salary will be deposited in the account of Employees Provident Fund Organization. The money deposited in the EPFO account is the biggest future capital. In such a situation, when you retire, the employee gets all the money from the PF account. Apart from securing the future, PF also gives you the benefit of free insurance of Rs 7 lakh. This insurance is available under the Employee Deposit Linked Scheme. If a PF account holder dies in an accident, then his family gets an assistance amount of Rs 7 lakh by EPFO.
Contribution goes towards EDLI scheme every month
The EDLI scheme of Employees’ Provident Fund Organization helps in giving social security to the people. This scheme works with the combination of EPF and EPS. Many PF account holders are not aware of this scheme. In such a situation, he is deprived of this benefit. EDLI scheme was started by EPFO in the year 1976. Under this scheme, in case of accidental death of the account holder, the nominee gets the salary of the last 12 months or the maximum sum assured of Rs 7 lakh. Explain that 8.33% of the total money deposited in the PF account is deposited in EPS, 3.67% in EPF and 0.5% in EDLI scheme. In such a situation, most people take advantage of EPF and EPS scheme, but very few people know about EDLI scheme.
Nominee gets benefit
EPFO keeps informing all its account holders from time to time to add or update the name of the nominee in their account. The biggest advantage of being a nominee in the account is that if an account holder dies, then his family does not face any problem in taking advantage of EPF, EPS and EDLI schemes. If the account holder dies due to any reason, then he gets all the money deposited in the account and the insurance money easily to the PF nominee. On the other hand, if the name of the nominee is not added in any account, then in such a situation you can claim the money only after showing the sign and succession certificate of all the legal heirs of the account holder.
Important things related to EDLI scheme-
- Under the EDLI scheme, any account holder can get an insurance claim of a minimum of 2.5 lakhs and a maximum of Rs 7 lakhs.
- To get a claim up to Rs 2.5 lakh, the account holder should have worked for at least 12 consecutive months.
- If an account holder has left the job, then his family will not get this insurance claim.
- The company contributes 0.5% of the EDLI scheme.
- To claim insurance, the nominee can make a claim at the EPFO office or online on its official website.
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