If you are employed, you might have a PF account as well. Actually, in this PF account, a certain amount is deducted from the salary of the employee and deposited every month. Along with this, the company also deposits the same amount in the PF account of the employee. Then you also get annual interest on this money. After this, you can get this money in the middle of the job (fixed amount), after leaving the job, and also in the form of a pension. But do you know that PF account holders get another facility, which is completely free? You may not know it, but it is so. So let us know what is this facility, which is available to PF account holders. You can learn about this in the next slides...
The name of this facility is Employee Deposit Linked Scheme. Under this, if a PF account holder dies unfortunately in an accident, then the money is given to the nominee whom the account holder has made in his PF account.
How much money do you get?
Now let us know how much benefit is available under this scheme. Under the Employee Deposit Linked Scheme, a lump sum amount of Rs 2 lakh is given. Whereas, a maximum of Rs 7 lakh is paid under the scheme.
If there is no nominee, then who will get the benefit?
By the way, all the employees keep a nominee in their PF account holder. But suppose a PF account holder has not made a nominee, then in such a situation, the insurance coverage is available to the spouse, son, or daughter of the employee.
How to register?
You need to know that you do not have to make a separate application to join the Employee Deposit Linked Scheme. When your PF account opens, only then do you get registered in this scheme. Just keep in mind that the person claiming this scheme should not be less than 18 years of age.
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