Debit cards and mobile recharges offer up to Rs 10 lakh life cover

"Do you have life insurance?" You - What a pointless question? Of course, I do! Your friend/family/relative/colleague/acquaintance (sheepishly) - Oops! I don't. This is where this article comes in handy. While there is no substitute to getting a proper life insurance, did you know your provident fund and debit cards also provide one? Heck, even your mobile recharge does. If that's widened your eyes and perked up your ears, let's waste no more time. Provident fund Let's start here, since many salary earners have a provident fund (PF) account. If you are contributing to the Employees' Provident Fund, your nominee or legal heir will be eligible to receive a lump sum payment of up to Rs 7 lakh in case of your untimely death. You can get a life cover at no extra cost. To file a claim, your nominee or legal heir will have to file the following forms: Form 5 IF to be submitted to the regional EPF commissioner's office May also need to file Form 20 Form 10C/Form 10D to claim benefits of EPF, EPS (Employees' Pension Scheme) and EDLI (Employees' D

This article was originally published on April 10, 2023.