Now PF will give life insurance up to 7 lakhs

Organized sector employees will get benefits

Organized sector employees get free life insurance up to Rs 7 lakh with PF account. Most of the PF employees are not aware of this.

Regional Officer Anil Jain said that due to government rules, it is mandatory for all employees to deduct PF. In such a situation, people keep deducting PF money from salary even without knowing it. EPFO members get this facility of insurance cover under the Employees’ Deposit Linked Insurance Scheme (EDLIS). In this, on the death of the member, the nominee gets an insurance cover of Rs 2 lakh to a maximum of Rs 7 lakh.

Earlier its limit was Rs.6 lakh. According to Jain, it is linked with the PF account itself. The special thing is that no employee contributes for this during the period of the job. Employees Provident Fund Organization provides this facility to all its members. In case of accidental death of an EPFO ​​member, the nominee can make a claim.

How to get insurance claim

If the employee retires then this claim is not available at this stage. This facility is available only on untimely death. The nominee will need to provide the death certificate, succession certificate and bank details to the insurance company for making the claim. If there is no nominee in the PF account, then the legal heir can claim this amount. To withdraw money from the PF account, submit the form of insurance cover along with the form to be submitted with the employee. The employee verifies this form, after which the cover money is received.

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Article first Appeared on Informalnewz

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