Insurance Benefit on EPF Account: A Safety Net for Employees
The insurance benefit on an EPF (Employees’ Provident Fund) account is a crucial aspect of the EPF scheme that provides financial protection to employees and their families in the event of death or disability. This benefit offers a safety net and ensures financial security for the employee’s loved ones during difficult times. For instance, if an employee covered under the EPF scheme passes away, their family will receive a lump sum death benefit calculated based on their EPF balance and service history.