PF benefits: Salaried person must know about these 5 things offered by EPF funds
Zee News
From free insurance to partial withdrawal to loan facility, know these 5 benefits of PF account.
New Delhi: Provident Fund is a long term savings scheme that comes with several additional benefits for the subscribers. While the savings scheme is a good cushion for your future, it also has various perks for the salaried person.
Employees’ Deposit Linked Insurance Scheme (EDLI)
A PF subscriber can avail benefits of free insurance up to Rs 7 lakh in case of death during the service period under EDLI scheme. In May, the insurance benefits under the EDLI scheme were enhanced and liberalized. Amount of maximum insurance benefit has been increased from Rs 6 lakh to Rs 7 lakh.
Pension Scheme for EPF account holder
An EPF Account holder is also entitled to lifelong pension scheme under Pension Scheme 1995 (EPS). As regards Employees’ Pension Scheme (EPS), 1995, a minimum pension of Rs. 1,000/- per month has been prescribed with effect from 01.09.2014 for the pensioners under Employees’ Pension Scheme (EPS), 1995.
