The sum insured under EPFO has been increased from Rs 6 lakh to Rs 7 lakh. EPFO has made available this information through its tweet. EPFO provides life insurance facility to all its employees.
If your salary is more than 15 thousand rupees and PF is deducted, then EPFO has brought some updates for you on this. These include from life insurance available on PF account to Aadhaar-UAN linking. For example, the insurance coverage under the Employee Deposit Link Insurance Scheme 1976 has been increased from Rs 6 lakh to Rs 7 lakh. Although this increase has happened in April itself, but few people know about it. After this increase, it has become even more important to update Nominee in the account.
In a video tweeted by EPFO, Regional PF Commissioner Karthikeya Singh informed that “Insurance facility can be availed through three schemes under EPFO. Employee Deposit Link Insurance Scheme 1976, is the main one. Under this, all the employees whose EPF is maintained, they automatically become members of this scheme. For this neither there is a separate membership nor any kind of premium has to be paid. A grant of 0.5 percent of the salary is deposited every month. Apart from this, if the employee dies due to any accidental reason, then along with the amount of PF, the amount of insurance is also made available to the nominee.
“The sum insured under this was increased by the EPFO in April. This amount was earlier Rs 6 lakh, which has been increased to 7 lakh. Apart from this, Rs 2.5 lakh as minimum assurance benefit in this. It will be made available to those who had lapsed this benefit. Due to corona infection, it was decided to provide it. Apart from this, efforts are being made to start the facility of e-nomination under EPFO. Under which you can now file your nomination sitting at home.
Apart from this, while elaborating on Aadhaar linking, Singh said, “The idea of linking UAN and Aadhaar is being thought for a long time, after which now any employee will be directly linked to EPFO, and this will also provide many types of facilities. If the Aadhaar is not linked by September 1, then the employer will not be able to deposit money in the account.
Further, Dhirendra Kumar, CEO, Value Research said, “It is a very good start, but it is very new and it is much better than the earlier provisions. It is very helpful for those low income group who want to buy separate insurance. Also, EPFO should provide this facility so that people can deposit premium in it by themselves”.
