PF Account: Get ₹7 Lakh Free Life Insurance via EDLI

• PF account holders are eligible for free life insurance up to Rs. 7 lakhs under the EDLI scheme.
• The EDLI scheme provides automatic insurance benefits to active EPFO members without any premium or paperwork from the employee.
• Employers contribute 0.5% of the employee's monthly salary to the EDLI scheme, covering the full cost of the insurance.
• The insurance is paid to the family or nominee if the employee dies while in service, with a minimum payout of Rs. 2.5 lakhs and a maximum of Rs. 7 lakhs.
• Payouts are based on the employee's last 12 months' salary and PF balance; a minimum of Rs. 50,000 is paid even if death occurs in the first year of service.

Why It Matters: Many PF account holders unknowingly have free ₹7 lakh life insurance.