People from whose salaries PF is deducted. All of them can avail the insurance under the Employees Deposit Links Insurance Scheme, 1976. Read how.
New Delhi: Employees Provident Fund Organization (EPFO) is offering life insurance of up to Rs 7 lakh for its members. People from whose salaries PF is deducted. All of them can avail the insurance under the Employees Deposit Links Insurance Scheme, 1976. Read how.
Cover can now get up to Rs 7 lakh
Earlier, the sum assured was Rs 6 lakh. The Central Board of Trustees (CBT) of EPFO under the chairmanship of Labor Minister Santosh Gangwar on September 9, 2020 raised it to Rs 7 lakh.
7 lakh in case of death due to corona
Under this scheme, a claim can be made in case of illness, accident or natural death of a member. That is, if any staff member dies from an infection with Covid 19. His relatives can get Rs 7 lakh under EDLI. There is no time limit for claiming insurance.
Who will claim if an employee dies?
This amount is claimed on behalf of the nominee on the death of the PF account holder. If there is no nominee, the claim is made to the legal heir.
Insurance cover free
No amount has to be paid to the employee under this scheme. This means that the insurance cover is free to the subscriber. Linking to a PF account. Death due to covid 19 can also be claimed.
Verification of documents
After the death of the employee, the nominee has to submit Form 5 IF to claim. This form is verified by the company. If the company is not available, it can be verified by a gazetted officer, magistrate, gram panchayat president or local administration.