Dear Friends, how many of us are aware that EPF (Employee Provident Fund) offers an inbuilt life insurance of up to Rs.6,00,000? This scheme is called EDLI or Employee Deposit Linked Insurance. Let us discuss more about this.
Many of us simply concentrate on EPF and EPS when it comes to monthly deductions towards the EPF. We focus on the interest rate on this EPF and when we receive the pension from EPS. However, we tend to overlook the life insurance facility provided by EPF.
The reason for such negligence is that earlier this life insurance was too small. But recently, the Ministry of Labour & Employment revised this to a maximum of Rs.6,00,000. I believe this is a substantial amount as you will receive it without directly paying for this.
Features of EDLI or Employee Deposit Linked Insurance
- All employees who are members of EPF are automatically eligible for EDLI.
- This life insurance coverage is irrespective of death occurring during working hours or non-working hours.
- It covers the death of an employee, regardless of the cause of death.
- There are no exclusions under this plan.
- Coverage and premium will be purely based on your salary but not on age or gender.
- Previously, there was a condition that one must complete a year to be eligible for EDLI. Recently, they removed such restrictions. Hence, you are covered from the first day itself.
- There is no maximum age set for this insurance.
Many of us simply concentrate on EPF and EPS when it comes to monthly deductions towards the EPF. We focus on the interest rate on this EPF and when we receive the pension from EPS. However, we tend to overlook the life insurance facility provided by EPF.
The reason for such negligence is that earlier this life insurance was too small. But recently, the Ministry of Labour & Employment revised this to a maximum of Rs.6,00,000. I believe this is a substantial amount as you will receive it without directly paying for this.
Features of EDLI or Employee Deposit Linked Insurance
- All employees who are members of EPF are automatically eligible for EDLI.
- This life insurance coverage is irrespective of death occurring during working hours or non-working hours.
- It covers the death of an employee, regardless of the cause of death.
- There are no exclusions under this plan.
- Coverage and premium will be purely based on your salary but not on age or gender.
- Previously, there was a condition that one must complete a year to be eligible for EDLI. Recently, they removed such restrictions. Hence, you are covered from the first day itself.
- There is no maximum age set for this insurance.