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Employees deposit linked insurance scheme - Employees Provident Fund & Miscellaneous Provision Act(1 Video Lecture | Industrial Laws - B Com
FAQs on Employees deposit linked insurance scheme - Employees Provident Fund & Miscellaneous Provision Act(1 Video Lecture - Industrial Laws - B Com
| 1. What is the Employees' Deposit Linked Insurance Scheme? |  |
Ans. The Employees' Deposit Linked Insurance Scheme is a social security scheme provided under the Employees Provident Fund & Miscellaneous Provision Act. It provides life insurance coverage to employees who are members of the Employees' Provident Fund (EPF) in case of their unfortunate demise during the period of their employment.
| 2. Who is eligible for the Employees' Deposit Linked Insurance Scheme? | |
Ans. All employees who are members of the Employees' Provident Fund (EPF) are eligible for the Employees' Deposit Linked Insurance Scheme. However, the scheme has certain conditions regarding the minimum duration of the EPF membership and the amount of insurance coverage, which may vary from time to time.
| 3. How does the Employees' Deposit Linked Insurance Scheme work? | |
Ans. Under the Employees' Deposit Linked Insurance Scheme, a certain amount of life insurance coverage is provided to the employees who are members of the EPF. The insurance coverage is linked to the employee's EPF balance and is calculated based on a predetermined formula. In case of the employee's demise, the nominated beneficiary or legal heir is entitled to receive the insurance amount.
| 4. What are the benefits of the Employees' Deposit Linked Insurance Scheme? | |
Ans. The Employees' Deposit Linked Insurance Scheme provides financial security to the family of the deceased employee. The insurance amount received can be used to meet immediate expenses, pay off debts, or provide a source of income for the family. It acts as a safety net and provides a sense of financial stability during difficult times.
| 5. Can an employee opt-out of the Employees' Deposit Linked Insurance Scheme? | |
Ans. No, an employee cannot opt-out of the Employees' Deposit Linked Insurance Scheme as it is a mandatory scheme provided under the Employees Provident Fund & Miscellaneous Provision Act. All employees who are members of the EPF are automatically covered under the scheme.
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