Salaried Employees Can Avail Benefits Up to Rs 7 Lakh Under EPFO’s Deposit Linked Insurance Scheme. Know How

 


Other than insurance-related benefits, the EDLI scheme, which is available to every Provident Fund (PF) account holder, provides other benefits as well.

EPFO’s EDLI Scheme: Did you know that the Employees’ Provident Fund (EPF), besides being a trusted investment scheme for salaried employees, comes with various other benefits for them? Let us tell you about one such benefit here.

Under the Employees’ Deposit Linked Insurance (EDLI) scheme, Employees’ Provident Fund Organisation (EPFO) account holders can become eligible for assured life insurance benefits of up to Rs 7 lakh, without having to pay any amount as premium. Sounds great, right? 

Other than insurance-related benefits, the EDLI scheme, which is available to every Provident Fund (PF) account holder, provides other benefits as well. Read below for details:

  1. Maximum assured insurance benefits: Under this, the legal heir of a PF account holder will get up to Rs 7 lakh in the event of the demise of the EPF member in service. The cap for the same was hiked from Rs 6 lakh to the current Rs 7 lakh in April this year.
  2. Minimum assured benefits: These amount to Rs 2.5 lakh if the employee was in continuous service in the 12 months prior to their death.
  3. Free benefits: Like we told you earlier, employees are not required to pay a premium to avail benefits under the EDLI scheme. It is the employer who pays the premium, which amounts to 0.50 per cent of the monthly wages with a ceiling of Rs 15,000.
  4. Auto-enrolment: EPFO subscribers need not register separately to avail the EDLI scheme. Instead, they become eligible for it upon becoming members or subscribers of the EPFO.
  5. Direct Bank Transfer: The benefits under this plan are linked directly to the nominee’s bank account, or that of the employee’s legal heir. In case of the EPF account holder’s demise, these are transferred directly to the linked bank account.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more