EPFO raises death insurance cover to 7 lakh rupees for subscribers of EDLI scheme check details varpat

Employees' Provident Fund Organization (EPFO) is providing life insurance facility up to Rs.7 lakh to its members.

Employees’ Provident Fund Organization (EPFO) is providing life insurance facility up to Rs.7 lakh to its members.

Employees’ Provident Fund Organization (EPFO) is providing life insurance facility up to Rs.7 lakh to its members.

New Delhi. If you are associated with EPFO, that is, your PF is deducted, then you will be given the facility of life insurance by EPFO. Employees’ Provident Fund Organization (EPFO) is providing life insurance facility up to Rs.7 lakh to its members. Actually, all the subscribers of EPFO ​​are covered under Employees Deposit Linked Insurance Scheme (EDLI) 1976. Under which the EPFO ​​holder gets an insurance cover of up to Rs 7 lakh. Earlier this amount was Rs 6 lakh. The Central Board of Trustees (CBT) of EPFO ​​headed by Labor Minister Santosh Gangwar on 9 September 2020 decided to increase the maximum sum insured under the EDLI scheme to Rs 7 lakh.

Know when can you 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.

Also read- RBI is bringing new Rs 100 note! Claim- Will not melt in water, will not be cut or torn when folded..Know the specialtyKnow who can claim?

This amount is claimed by 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 scheme. For this the employee does not have to pay any amount. That is, this insurance cover is available free to the subscriber. It gets linked with PF account only. It can also be taken in case of death due to Kovid-19.

Also read- Get 5000 rupees every month by investing just 7 rupees in this government scheme, know how?

Learn 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.




Leave a Reply

Your email address will not be published. Required fields are marked *