New Delhi, Oct. 1 -- Most EPF members know about the retirement savings benefits of the scheme, but many may be unaware that the membership also comes with an insurance benefit at no additional cost. The benefit is available under the Employees' Deposit Linked Insurance (EDLI) scheme and is fully funded by employers.

Linked to the Employees' Provident Fund scheme, it provides financial support to the nominee or eligible family member in the event of the employee's death during service, without requiring any separate premium payment.

Under the earlier wage ceiling of Rs.15,000, EDLI provided a maximum insurance benefit of Rs.7 lakh to eligible users. With wage ceiling increased to Rs.25,000 from September 17, the maximum benefit is also ...