The Employees’ Provident Fund (EPF) is a retirement benefit government scheme that provides financial coverage to the employees (EPF account holders) after retirement.
But, do you know that the EPF scheme also provides a life coverage to the employees.
So, let us know about this feature of the EPF scheme.
Life Coverage for EPF Account Holders
As a matter of fact, all EPF Account Holders get a life cover free of cost u/s 17(2a) of the Employees’ Deposit Linked Insurance Scheme (EDLI) 1976 rules as soon as his EPF account gets opened.
How much Life Coverage for EPF Account Holders?
The EPF account holders are eligible for life insurance coverage up to 20 times their monthly salary or ₹6 lacs, whichever of them is less.
Read the EDLI (Scheme) 2018.
Also, read the EDLI Rules 1976.
When to claim Life Coverage for EPF Account Holders?
The insurance can be claimed by the EPF account holders’ nominee in case of:-
- prolonged illness,
- accidental death or
- normal death.
Besides, this Life cover is given only one time to the nominee of the EPF account holder.
So this is all about the Scheme of Life Coverage for EPF Account Holders.
In case you require any sort of assistance regarding the EPF registration, please feel free to contact us at 8881-069-069.
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