EDLI scheme: Let us tell you that PF account holders in Employees’ Provident Fund Organization (EPFO) get a benefit of Rs 7 lakh without doing anything.
New Delhi. Be it a government or private employee, if you are a member of EPFO, then you must be aware of the facilities available under it. Many times, due to lack of information about the facilities available to the employees, they miss out on taking advantage of them. Let us tell you that PF account holders in Employees Provident Fund Organization (EPFO) get a 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.
The claim member of the EDLI scheme can be made on behalf of the employee’s nominee 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 preceding the death.
If nomination is not done
Nomination is necessary to claim any insurance, but many times we forget to do the nomination. If there is no nomination under the scheme, then the coverage will be the spouse, unmarried girls and minor sons of the deceased employee. If the claimant is a minor ie below 18 years of age, then his guardian can claim on his behalf.
How to claim
Suppose EPFO member dies suddenly then the nominee or successor can claim for this insurance cover. To make a claim, the insurance company is required to provide the employee’s death certificate, succession certificate, certificate of the guardian applying on behalf of the minor nominee, and bank details.
E nomination facility also started
EPFO has now started the facility of e-nomination to give information about the nominee. Those who are not enrolled in this are being given a chance. After this information like name, date of birth of online nominee will be updated.
