Are they covering your life insurance for the next 3 years? For someone your age, insurance should be at max 15-20k including family. Even with all included 50k (2 senior citizens, 2 adults, 2 kids)
PF is mandatory for 15+ employees. Startups cut corners when it comes to policies and compliance and that’s why they are pushing you to opt out of it. Get in and get out when you get a better opportunity.