EPFO: Your PF is Not Just Retirement Fund, Get ₹7 Lakh Insurance Too!

• EPFO account holders automatically receive free insurance under the Employee Deposit Linked Insurance (EDLI) scheme.
• The EDLI scheme provides a maximum insurance cover of ₹7 lakh to the nominee, with no separate premium paid by the employee.
• The premium (0.50% of basic salary) is paid by the employer, and the scheme was launched in 1976 for private sector employees.
• Insurance amount is calculated based on 35 times the average salary of the last 12 months (max ₹15,000) plus a ₹1.75 lakh bonus, totaling ₹7 lakh.
• Claiming EDLI requires Form 5 IF, death certificate, nominee's details, and can be done online; claims are processed within 30 days.