PF Account Holders Get Free Rs 7 Lakh Life Insurance: Know How to Claim EDLI

• Employees' Deposit Linked Insurance (EDLI) scheme provides free life insurance up to Rs 7 lakh to PF account holders.
• This insurance is automatically activated when a PF account is opened; employees do not pay any premium.
• The employer pays the premium for EDLI, offering financial support to the employee's family in case of death.
• The insurance amount, between Rs 2.5 lakh and Rs 7 lakh, is calculated based on the last 12 months' salary and PF balance.
• Nominees can claim the amount by submitting 'Form 5 IF' offline through the employer or online if details are updated, with funds credited within 20 days.

Why It Matters: PF account holders are automatically covered by a free Rs 7 lakh life insurance (EDLI) paid by employers.