Naturally no one wants to take this benefit but this plan helps a lot in case of an emergency situation.
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Currently EPFO has more than 4.50 crore members While EPF offers the highest interest rate, EPFO subscribers also get several other benefits. EPFO offers one such special benefit which many people do not know about The subject is Employee Deposit Linked Scheme In this scheme, EPFO account holders are given free insurance cover up to Rs 7 lakh.
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Death Insurance Cover –
EPFO’s Employee Deposit Linked Scheme is a special type of death insurance cover. Naturally no one wants to take this benefit but this plan helps a lot in case of an emergency situation. In case of unfortunate death of PF account holder, payment is made to the registered nominee.
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In this scheme, EPFO members are given a one-time sum of Rs A maximum of Rs 7 lakh is given This amount is paid to the registered nominee
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If No Name of Registered Nominee
– Assume if no nominee is registered in the EDLI scheme then full coverage will be given to the employee’s life partner or his daughter/son. But the minimum age of the person should be 18 years to get the claim money
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If you are a member of EPFO, you don’t need to do anything else to join this scheme Every member should get e-nomination in PF account soon so that the nominee does not face any problem in getting insurance cover in his/her absence.