Free Rs 7 Lakh Insurance: You can get Rs 7 lakh insurance for free without paying any premium. What is this EDLI scheme? Here are the full details about the free life insurance offered by the Employees' Provident Fund Organisation (EPFO).

The Employees' Provident Fund Organisation (EPFO) has great news! PF is now a life safety policy. Employees get up to Rs 7 lakh free life insurance without paying any premium.

The decision was made at EPFO's 237th meeting. Now, PF account holders get free life insurance from Rs 2.5 lakh to Rs 7 lakh. No extra payment is needed from the employee for this benefit. These rules are part of the Employee Deposit Linked Insurance (EDLI) scheme.

The EDLI scheme was launched by the central government in 1976. Its purpose is to provide financial assistance to the family of an employee who dies unexpectedly while in service.

With the decisions taken by EPFO, the death claim process has also become easier. Also, the insurance limit has been increased to provide more financial security to families.

Until now, if an employee died within the first year of service, the family would not receive the insurance benefit. Under the new rules, the family will receive financial assistance of Rs 50,000 in such cases.

Also, the insurance coverage continues even if there is a two-month gap while changing jobs. This provides insurance protection to the employee's family in case of any mishap.

According to the EDLI scheme, if an employee dies, their family members or nominee will receive an insurance amount ranging from Rs 2.5 lakh to Rs 7 lakh. This amount is determined based on the employee's average salary for the last 12 months.

No premium is collected from the employee. Employers must contribute 0.5% of the employee's basic salary to the EDLI scheme. This payment is capped at a maximum of Rs 75 per month.

This scheme helps families who have lost members due to unforeseen accidents. EPFO sources said that this will further strengthen the social security system.

If an employee dies while in service, their nominee or legal heir must apply using Form 5IF. Along with this, the death certificate, nominee's identity proof, and other necessary documents must be submitted to the EPFO office.

This is a completely free insurance coverage. Employees do not need to make any payment for it. With this decision by EPFO, employees' families get more financial security.

EPFO is now providing more convenience to pensioners. For this, it has entered into a special agreement with India Post Payments Bank (IPPB). According to this agreement, EPS-95 pensioners can now submit their Digital Life Certificate (DLC) from their homes.

Through this service, even those living in rural areas can get the DLC verification facility at their doorstep. The service charge of Rs 50 for each life certificate will be borne by EPFO.

This new system ensures that pension payments continue without any interruption and provides great relief to pensioners who are elderly or cannot go out due to health problems.

With this doorstep service, senior citizens can easily submit their life certificates at home, without having to visit banks or EPFO offices. EPFO has taken steps to expand this service nationwide in a phased manner.

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