New Delhi, June 19 -- Most EPF members know about the retirement savings benefits of the scheme, but many are unaware that EPF membership also comes with an insurance benefit at no additional cost. Eligible members are automatically covered under a scheme that offers insurance protection of up to Rs.7 lakh.

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.

The EDLI scheme is a statutory life insurance benefit for EPF members. In case of death of an EPF-...