- Advertisement -
Home Personal Finance Employed get free facility of Rs 700000/-, know how to avail benefits?

Employed get free facility of Rs 700000/-, know how to avail benefits?

0
Bank New Update: This bank has sent a notice to the customers will have to do this work till 31st October, otherwise your ATM card will be closed.

There is important news for 6 crore job profession. If you also have a PF account in the Employees’ Provident Fund Organization (EPFO), then you will get the benefit of Rs 7 lakh without doing anything.


If you also have a PF account in the Employees’ Provident Fund Organization (EPFO), then you will get the benefit of Rs 7 lakh without doing anything. Actually, EPFO ​​members get the facility of insurance cover under the Employee Deposit Linked Insurance Scheme (EDLI). In the scheme, a maximum insurance cover of Rs 7 lakh is paid to the nominee. People working in private companies also get the benefit of up to Rs 7 lakh for free.

Under what condition, Rs 7 lakh can be claimed on behalf of the nominee of the member employee in case of illness, accident or natural death of the employee under the EDLI scheme. Now this cover is also available to the aggrieved family of those employees who have worked in more than one establishment within 12 months immediately before the death.

Employee does not have to pay any amount In

EDLI, the employee does not have to pay any amount. If there is no nomination under the scheme, the coverage will be the spouse, unmarried daughters and minor sons of the deceased employee. If the minor who is claiming is less than 18 years of age, then his guardian can claim on his behalf.

These documents are required To

withdraw money from the PF account, along with the form to be submitted with the employer, Form 5 IF of the insurance cover will also have to be submitted. The employer will verify this form. If the employer is not available, the form should be attested by either the Gazetted Officer, Magistrate, Chairman of the Gram Panchayat, Chairman/Secretary/Member of the Municipality or District Local Board, Postmaster or Sub Postmaster.

E-nomination facility also started

EPFO has now started the facility of e-nomination to give the information of the nominee. Those who are not enrolled in this, they are being given a chance. After this information like name of the nominee, date of birth will be updated online.

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com

Exit mobile version