EPFO: Top 5 Features of EDLI Scheme that PF account holder should know

In order to make EPFO ​​members aware of the features of the EDLI scheme, EPFO ​​recently tweeted about its scheme saying, “Key Features of Employee Deposit Link Insurance (EDLI) Scheme, 1976.”

Here we are giving a list of top 5 EPFO-EDLI scheme features that an EPFO ​​member should know:

1]Maximum Assured Benefits: Maximum assured profit. till ₹7 lakh will be paid to the nominee or legal heir of the EPF member on death while in service. Earlier, the maximum assured profit was up to ₹6 lakhs, which has been increased to ₹7 lakh from April 2021.

2]Minimum Assured Benefit: Under EDLI Scheme 1976, the minimum assured benefit is ₹2.5 lakh if ​​the deceased member was in continuous employment for 12 months prior to his death.

3]No contribution from employees: This life insurance benefit being given to EPFO ​​member is free of cost for PF/EPF account holders. 0.50 per cent of their employer’s monthly salary. will pay up to the maximum limit of ₹15,000.

4]Auto Enrollment: There is an auto enrollment provision for PF or EPF account holders. After becoming an EPFO ​​member or subscriber, they become eligible for the benefits of the EDLI scheme.

5]Direct Bank Transfer: The benefits of the EDLI scheme will be deposited directly into the bank account of the EPF or PF account holder’s nominee or legal heir.

However, for information to EPFO ​​members, enrollment under EPF Scheme is applicable for EDLI Scheme, 1976. In order to claim the insurance benefits offered under the EDLI scheme, the nominee or the beneficiary has to fill Form 51F.