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.
New Delhi. Do you know that EPF gives free facility of 7 lakh rupees to its members. If you also have a PF account in 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. So let’s know everything about it…
Under what condition do you get 7 lakh rupees?
The EDLI scheme can be claimed on behalf of the nominee of the member employee in case of illness, accident or natural death of the employee. 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.
No amount to be paid to the employee
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 needed
To withdraw money from the PF account, form 5 IF of insurance cover will also have to be submitted along with the form to be submitted with the employer. 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.
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