₹7 Lakh Life Insurance Under EPF - What Is EDLI Scheme?

₹7 Lakh Life Insurance: Here's What You Need To Know About EPFs

How Does Life Insurance Factor in Under EPF?

Under the EPF umbrella, there are three major schemes: EPF, EPS, and EDLI. Many people compare EPF vs EPS, but EDLI is to be kept in mind if you are looking for a life insurance component. EPF and EPS require contributions from both the employee and the employer. The EDLI scheme needs no employee contribution; only the employer contributes.

Any salaried employee who is a member of EPF is automatically eligible for EDLI coverage (provided they have worked for at least one continuous year). So, if you are wondering whether you are eligible for ₹7 lakh life insurance under EPF, the answer is yes, if you are actively contributing to EPF and meet the minimum service requirement. However, you can opt out if you prefer a higher-paying life insurance policy.

The sum assured under the EDLI scheme is calculated using the employee’s last 12 months’ average monthly salary. However, the total life cover for an EPF member under EDLI can go up to a maximum of ₹7 lakh. So, being eligible for ₹7 lakh life insurance under EPF means your family can get this benefit in case of your untimely demise, without you paying extra.

Documents Needed for Life Insurance Claim Settlement with EPFO

In case of an unfortunate event, the nominee or legal heir of the employee must file for the insurance payout. Here’s what’s needed:

Composite Claim Form - Used for PF, pension, and EDLI claims.

Death Certificate or Succession Certificate

Cancelled Cheque - For the account where the money is to be transferred.

Recent changes in EPFO claim settlement have made the process faster and more transparent. Regardless, it is essential to ensure all documents are submitted properly and on time for a smooth experience.

Withdrawing EPF Pension to Supplement Life Cover

If your beneficiaries are also planning to withdraw their pension, they may need to submit Form 20. However, if you, as an employee, are planning to do the same, you need to submit EPF Form 10C. If you are wondering how to withdraw EPF after leaving your job, the online EPFO portal and UAN-based login have made the process simple and quick. Before you do so, it is crucial to understand the implications of income tax on EPF withdrawal.

To sum up, the EDLI scheme provides a ₹7 lakh life insurance cover at no cost to employees. Knowing how it works can help you protect your loved ones’ future. Understand your rights, file the right forms, and ensure your nominee is prepared in case of need.

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