EPFO Latest Update: Under the EDLI scheme, a benefit of Rs 7 lakh is given to the PF account holders. For this, the employees do not have to make any separate payment. Rather, this facility can be availed only by doing e-nomination. The process of e-nomination has been started. On the untimely death of the employee, the nominee is given a claim of Rs 7 lakh.
If you also have a PF account in the Employees’ Provident Fund Organization (EPFO) , then you can take advantage of Rs 7 lakh without doing anything. Actually, EPFO subscribers get the facility of insurance cover under the Employee Deposit Linked Insurance Scheme (EDLI) . In this scheme, the nominee is given a maximum insurance cover of Rs 7 lakh. People working in private companies also get free benefit of insurance cover up to Rs 7 lakh.
Know – Under what circumstances do you get 7 lakh rupees?
EDLI scheme can be claimed by the EPFO member on behalf of the nominee in case of illness, accident or untimely death of the employee. Now this cover is also available to the aggrieved family of employees who have worked in more than one establishment within the 12 months immediately preceding the death.
Employees do not have to pay any extra
The employee does not have to make any additional payment under the scheme. If there is no nomination under the scheme, then the wife, unmarried daughters and minor sons of the deceased employee will be considered as the beneficiary. If the claimant is a minor (below 18 years), his guardian can claim on his behalf.
These documents are necessary
To withdraw money from the provident fund account, the form to be submitted to the employer along with the 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 can be attested by any Gazetted Officer, Magistrate, President of Gram Panchayat, President/Secretary/Municipality or Member of 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 it, they are being given a chance. After this, the information like name of the nominee, date of birth will be updated online.