It is necessary to add a nominee to the EPFO account, because unfortunately, if the holder dies, then his dependent continues to get lifelong pension every month.
PF account is both investment and savings for the salaried people. PF account is very useful at the time of your retirement and you get pension for life. But, it is also very important to have a nominee in the PF account, if unfortunately the PF account holder dies, then he is legally entitled to that money. Not only this, pension is also given to the nominee after the death of the holder.
These days EPFO is also repeatedly alerting the pension account holders to add a nominee in their account. After adding the nominee, your deposited money gets to your loved one. If you do not do this, you find it very difficult to withdraw that money to the family. In such a situation, know how the nominee is added to the EPFO account and what are its benefits…
What are the benefits of nominee?
According to the information shared by the EPFO on the official Twitter account, after the death of the holder, the nominee gets pension for life, if there is no one else in the family. The nominee gets a variety of facilities under EPS’95. Apart from this, if the parents of the dependent do not have any source of income, widow pension is given to them, due to which they continue to get pension for life.
Let us tell you that even after logging in to the official website of EPFO, an alert appears on the homepage from EPFO. It has been said that add the nominee as soon as possible, so that your family members do not face any problem.
How to add nominee?
Earlier, the employees had to provide the nomination details in the provident fund only at the time of joining the provident fund and later it could not be changed. However, now EPFO has also made it online, after which you can add the name of the nominee through the online medium itself. For this, first of all go to the official website of EPFO and after that you can fill your nomination by clicking on ‘Manage’ option. After this a page will open for filling the nomination, where you can fill the details. In this, the name of the nominee, photo, fund percentage etc. will have to be given.
There are different rules regarding pension?
Explain that the money deposited in the PF account on behalf of you and your company is divided into two parts. A part of your account is deposited as EPF and a part as pension fund. In this, the EPF money can be received in a lump sum, but the pension fund is returned only in the form of pension.
