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Free Insurance with PF Account

Did you know your Employee Provident Fund Account (EPF Account) comes with a free of cost life Insurance Cover (Employees Deposit Linked Insurance) ?

This is how the coverage of the life insurance under EPF is calculated 

A)= ₹2,50,000 (Minimum benifit)

B)= {Average Monthly Salary of the Employee for the last 12 months x 30 } + Bonus Amount (Rs. 1,50,000/-)

C) = Minimum (₹700000, B)

EDL Insurance = Maximum (A,C)

How to claim insurance - Form 5 IF is required to be filed in for claiming the amount at event of death of the insurer.

 

Author - Raj Jain

Founder - Fin Tales

LinkedIn - https://www.linkedin.com/in/raj-jain-080bbb136

 

 

 

 

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