EPFO News: There are many benefits of depositing the Employees’ Provident Fund account. Where the old age of the employees is safe. At the same time, while doing a job, there are many benefits in it. Like payment of LIC premium, interest on dormant account etc. About which the account holders did not know. Let us know what are the benefits to EPFO subscribers.
When the PF account of an employee is opened. At the same time, his insurance also gets insured. Under Employee Deposit Linked Insurance, the employee is insured up to Rs 7 lakh. In case of death of an active member of EPFO during the period of service, up to Rs 7 lakh is paid to his nominee or legal heir. Companies and governments provide this benefit to their employees.
LIC premium payment
The common man has suffered financial loss due to the corona pandemic. Their priorities have changed. If someone has taken LIC premium but is not able to pay it. Then you can take the help of PF account. There is a prescribed format for this. After filling it, EPFO pays the premium of its account holder.
Can withdraw money when sick
Money can be withdrawn from PF account in case of illness. For this, by going to the withdrawal window on the EPFO website, one has to choose the option of getting sick. The amount is received after a few days of applying online.
Interest on dormant account
Interest is also paid on the inactive PF account of the employees. According to the change in the law in the year 2016, now the account holders are also paid interest on the amount deposited in their PF account lying dormant for more than three years. Earlier there was no provision to pay interest.