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On the death of a PF member, the family gets insurance and pension up to Rs 7 lakh, here are the rules
Very few people know that on the death of a PF member, the family gets insurance and pension benefits of Rs 7 lakh.
Very few people know that upon the death of a PF member, the family receives insurance and pension benefits of ₹7 lakh. PF account holders should be aware of this. Today, we are going to provide you with information on this matter.
Employees and their families covered by the EPFO also receive several social security benefits. According to the EPFO, under the EPFO's Employees' Deposit-Linked Insurance Scheme, an employee's family or nominee receives insurance benefits in the event of their death while in service. The maximum insurance benefit under the scheme is ₹7 lakh.
However, not every deceased member's family receives a direct benefit of ₹7 lakh. The calculation of the benefit is based on the rules set out in the plan. In eligible cases, the minimum assured benefit is ₹2.50 lakh and the maximum is ₹7 lakh. The special feature of the plan is that no separate contribution is required from the employee for this insurance.
PC: money9live
