EPFO gives an insurance cover of up to Rs 7 lakh to its subscribers. That is, EPFO subscriber gets the benefit of both fund and pension on retirement. Let us know what is this insurance cover.
EPFO gives the benefit of insurance to the subscribers through Employees’ Deposit Linked Insurance Scheme. Earlier, a cover of up to Rs 2.5 lakh was given under this scheme. Now under this, the government gives a cover of up to Rs 7 lakh. Employee Deposit Linked Insurance Scheme is one such insurance scheme which is provided to the employees. All employees and companies covered under the EPF and Miscellaneous Provisions Act, 1952 are automatically registered with EDLI. This scheme works in the combination of EPS and EPF.
How to get profit
EPFO has specifically asked the subscribers to file nominations. You will also get to see the notifications related to it on the login portal. This is because it is only through this that the benefit subscriber and his family can get.
Process to file e-nomination
If you want to file e-nomination in digital form sitting at home, then for this you have to first go to the website of EPFO and select the services option.
After this you have to go to the EMPLOYEES section.
- Now you will be redirected here and click on Member UAN / Online Service option.
- Thereafter the subscriber will be redirected to the e-SEWA portal. Where you have to log in using uan and password.
- Now you will see the option of Manage tab in the drop down menu and here you have to choose e-nomination. Here select Yes option and update the family declaration.
- Now you have to click on add family details and select nomination details. Here you have to declare the total amount to be shared.
- Now after this you have to click on Save EPF nomination. On the next page, you have to select the e-sign option. You will receive OTP on the mobile number linked with your Aadhar card. After filling this, your e-nomination process will be completed.
