Money is invested in EDLI scheme
According to the rules of the EDLI scheme, if an employee dies while doing his job, then his family will be given financial help. The cover available under EDLI depends on the salary of the employee for the last 12 months. Some part of the money deposited in PF from the basic salary of the employee every month is also invested in EDLI. 8.33 percent of the total amount deposited under PF is invested in EPS, 3.67 percent in EPF and 0.5 percent in EDLI scheme. Very few people know about the insurance scheme.
You can also claim death from Corona
According to the EDLI scheme, one can get insurance in the event of illness, accident or natural death of the employee. If an employee dies due to Kovid, then the family members can get an insurance cover of Rs 7 lakh.
get lump sum money
After the death of the employee due to any reason, the nominee has to claim for the insurance cover. The nominee gets the money for the insurance cover in a lump sum. The legal heir is the beneficiary of the insurance cover if an employee has not made a nominee mention. If your PF is deducted, then nothing is done separately to join this scheme. All you have to do is e-nomination of your PF account.