PF Account holders alert! Are you aware of these Top 5 EPFO Provident Fund account benefits?
There are various benefits that Employees' Provident Fund Organisation (EPFO) envisages for its members. These Provident Fund benefits include free insurance and pension benefits too. Basically, an employees’ Provident Fund (PF) account is generally considered a retirement-oriented investment option, which is mandatory for each and every employee who fulfills Rs 15000 threshold for monthly PF contribution. An employee gets income tax exemption under Section 80C of the income tax act on one's PF contribution up to Rs 1.5 lakh in single financial year
A Provident Fund Account holder by default becomes eligible for free insurance up to Rs 7 lakh in case of death during the service period under EDLI (Employees Deposit Linked Insurance Scheme)