EPFO Updates: EPFO members benefit from an insurance cover worth a maximum of Rs. 7 lakh under the Employee Deposit Linked Insurance Scheme. People working in private companies are also eligible for the free benefit.
The insurance cover can be claimed on behalf of the employee’s nominee in case of illness, accident, or natural death of the employee.
The family of those employees who have worked in more than one establishment within 12 months immediately before the death are also eligible for the cover under the scheme.
In EDLI, an employee does not have to pay any amount in order to avail of the covered benefits. If there is no nomination under the scheme, the coverage will be the spouse, unmarried daughters, and minor sons of the deceased employee. If the minor who is claiming is less than 18 years of age, his guardian can claim on his behalf.
In order to withdraw money from the Provident Fund account, To withdraw money from the PF account, Form 5 IF of the insurance cover will also have to be submitted along with the form to be submitted with the employer.
The form should be attested by the employer, and if not available, by either the Gazetted Officer, Magistrate, Chairman of the Gram Panchayat, Chairman/Secretary/Member of the Municipality or District Local Board, Postmaster, or Sub Postmaster.
The Employees Provident Fund Organisation has now begun the facility of e-nomination to give information about the nominee.