Did you know that your monthly payment to the EPF (Employees Provident Fund) could also give you the added benefit of a life insurance cover of up to Rs 7 lakh without needing to pay a separate premium?
Keep reading to know about eligibility, the claim process and other key details.
What is the Employees' Deposit Linked Insurance Scheme (EDLI)?
The EDLI Scheme is a government-backed life insurance cover available to employees covered under the Employees' Provident Fund (EPF).
“In the event of the EPF member's death while he or she was in service, the nominee or legal heir receives a lump-sum insurance payout without the need of a separate premium from the employee,” says Santosh Sahoo, Vice President, SME Insurance, Probus.
The biggest advantage of EDLI is that employees do not have to purchase a separate insurance policy, undergo medical tests or complete additional enrolment formalities. The cover automatically exists as long as the employee remains an active EPF member.
