Employees’ Provident Fund Organization (EPFO) has always been considered as a guaranteed source of returns along with good interest. EPFO also gives the facility to the subscribers to choose an insurance plan without any premium. This scheme is provided under the Employees Deposit Linked Insurance or EDLI Scheme, 1976 which allows an individual to get benefits up to Rs.7 lakh. Let’s know everything about it…
When can you make a claim?
Under the government’s EDLI scheme, the claim is made on behalf of the employee’s nominee in case of illness, accident or natural death of the employee. If an employee also dies due to Kovid-19, then the family members can get Rs 7 lakh under EDLI. This cover is also given to the aggrieved family of those employees who have worked in more than one establishment within the 12 months immediately preceding the death. EPFO has not fixed any time limit for claiming insurance.
Who can make a claim?
This amount of EDLI scheme is claimed on behalf of the nominee on the death of the PF account holder. If someone does not have a nominee, then this claim is given to the legal heir. That is, if there is no nomination under the scheme, then the spouse of the deceased employee, his unmarried daughters and minor sons are its beneficiaries. A lump sum payment is made under the plan. For this the employee does not have to pay any amount. That is, this insurance cover is available to the subscriber free of cost. It gets linked with PF account only. It can also be taken in case of death due to Kovid-19.
How to claim?
The nominee for the death of the employee has to submit Form-5 IF for the claim, which is verified by the employer. If the employer is not available then it will be verified by Gazetted Officer, Magistrate, President of Gram Panchayat and Municipal or District Local Board.
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