PF account holders will now get insurance of 7 lakh rupees free for life. For this, the notification has been issued by the government.
PF account holders will get insurance of seven lakh rupees for free for life. It has been named ADLI Insurance. For this, not even one rupee will be deposited from the account of the PF account holder. Earlier, under this, insurance of at least 2 lakh rupees and maximum of 6 lakh rupees was given. But now PF account holders will be given insurance facility of up to seven lakh rupees absolutely free. Here we are telling you how you will get this facility.
What is EDLI?
If an employee dies suddenly while in service, then his nominee is given seven lakh rupees by the EPFO under Employees Deposit Linked Insurance (EDLI).
Actually, every PF member is given three types of facilities. 1- EPF, 2- EPS, 3- EDLI
EDLI has a full form of Employees Deposit Linked Insurance. It is linked to the PF account. This facility is provided to the employees absolutely free of cost.
Now you will be given a maximum of 7 lakh rupees
At the CBT meeting on September 9, 2020, the amount of insurance benefits for the employees under it was increased from 6 lakh to 7 lakh rupees. Which was very good news for PF account holders. But no official announcement was made for this. But now giving information about it in the gazette, it has been said that the employees will be given insurance of at least Rs 2.5 lakh and maximum up to Rs 7 lakh, which will be absolutely free.
Know how to claim under EDLI?
If an employee dies during service then up to seven lakh rupees will be given to his nominee. For this, he has to provide online or offline application.
How to make EDLI insurance claim online?
If the PF account holder has given the name of the nominee in his UAN, then he will have to submit Form 20, 10D and Form 5. If it is filled by the beneficiary, then he will have to submit the online form.
How to make EDLI insurance offline claim?
If the employee has not named his / her nominee in the UAN account then he / she cannot claim online. For this, the nominee’s name has to be offered in the PF office in an offline manner and the guidelines given by the EPFO will have to be followed. In this way you can claim offline.
When the nominee claims for insurance, he will get full money
Amount of PF: The amount which is deposited by the employer and the employee together in the PF account will be given to the EPAO nominee along with the interest.
EPS Pension: If the account holder has not completed 10 years of service, then the pension amount will be refunded according to the service. If the employee has completed 10 years of service, then you will get monthly pension.
EDLI Insurance: Sum of insurance is based on calculation. However, this amount can be at least Rs 2.5 lakh and maximum can be up to Rs 7 lakh. According to the calculation, whatever amount will be made will be given to the nominee.
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