EPF subscribers are eligible for up to Rs 7 lakh ELDI insurance. Check how to apply

EPF subscribers are eligible for up to Rs 7 lakh insurance. Check how to apply

Photo: iStock

EPFO (Employee Provident Fund Organization) provides insurance coverage under the Employees Linked Deposit Insurance Scheme (ELDI) for employees in the private sector. The insurance benefit is available to all EPFO ​​private members.

What does mean ELDI Insurance cover work?

The ELDI is primarily a death insurance cover under which the registered nominees of the insured person receive a lump sum payment in the event of the death of the employee insured under the scheme during the period of service.

The minimum lump sum payout under the ELDI insurance scheme is Rs 2 lakh and the maximum payout is Rs 7 lakh.

Related News

LIC Housing Finance Raises Home Loan Rates After RBI Repo Rate Rise Check Latest Rates

LIC Housing Finance raises home loan rates after RBI repo rate hike. Check the latest rates

Latest FD rates Here are the banks offering the best yields on 1 FD 2 years

Latest FD rates: Here are the banks offering the best yields on 1, 2 year FD

How to calculate the payment under the ELDI program

Payment is calculated based on the subscriber’s salary. For example, if the average salary of the last 12 months of the employee is Rs 15,000, it is multiplied by 30, i.e. 20,000 x 30, which amounts to Rs 4.5 lakh – the amount paid to the candidate. Additionally, the candidate receives a bonus of Rs 2.5 lakh, which increases the final payout to Rs 7 lakh.

The ELDI applies to all companies registered under the Employees Provident Fund and Miscellaneous Provisions Act 1952. Organizations are required to join the scheme and provide benefits to employees. The EDLI scheme operates in combination with the EPF scheme and the employee pension scheme (EPS).

Related News

Higher propensity to buy insurance in Tier 2 and Tier 3 cities after Covid survey

Higher propensity to purchase insurance in post-Covid Tier 2 and 3 cities: survey

LIC IPO Update How to Check Award Status Online

LIC IPO Update: How to Check Award Status Online

How to make a claim under ELDI

In particular, only those who contribute to the EPF are eligible. It is also important for employees to register a candidate with their employer to benefit from the scheme. However, family members and legal heirs can apply even if the candidate is not registered by the employee.

The attorney or legal heir must submit Form EDLI 51F in order to make the request. The form can be downloaded from epfindia.gov.in. The form must be signed and certified by the employer.

Related News

Maternity insurance What you need to know

Maternity insurance: the essentials to know

If you see doctors frequently, you should opt for a healthcare plan with OPD coverage

If you see doctors frequently, you should opt for a healthcare plan with OPD coverage

If there is no employer, the form may be witnessed either by the manager of the branch where the employee has kept his account, or by a local deputy or deputy, official officer, magistrate, member /president/secretary of the local municipal council or a member of the EPF or CBT regional committee.

The candidate can also submit Form 20 and Form 10C/D to claim all benefits under the three schemes EPF, EPS and ELDI. All completed forms can then be handed over to the EPF Regional Commissioner who will take 30 days to settle the claim.

Comments are closed.