The retire fund organisation has increased the maximum assurance benefit under the ‘Employees’ Deposit Linked Insurance’ (EDLI) scheme up to Rs 7 lakhs this year in June. The increase in cover amount was done on 28 April 2021. Earlier it was Rs 6 lakh
The Employees’ Provident Fund Organiation (EPFO) provides a life insurance scheme to its account holders under the Employees’ Deposit Linked Insurance Scheme, 1976. The scheme known as ‘Employees’ Deposit Linked Insurance’ (EDLI) has been into force since 1 August 1976. Want to know its features and benefits – here is what you need to know!
EPFO EDLI Scheme 7 Features you must know
The retire fund organisation has increased the maximum assurance benefit under the ‘Employees’ Deposit Linked Insurance’ (EDLI) scheme up to Rs 7 lakhs this year in June. The increase in cover amount was done on 28 April 2021. Earlier it was Rs 6 lakh.
- This scheme has been made mandatory for all account holders. Under this scheme, if the main account holder dies from a natural cause or accident or illness, then the nominee gets an amount of Rs 7 lakh.
- Minimum assurance benefit of Rs 2.5 lakh if deceased member was in continuous employment for 12 months prior to death.
- Minimal contribution by employer at 0.5 per cent of employees’ monthly wages up to the ceiling of Rs 15,000.
- No contribution by employee.
- Auto enrollment of PF members in EDLI scheme.
- Benefit directly credited to bank account of nominee or legal heir.
- It has been urging the account holders or PF subscribers to file their e-Nomination so that the social security of the account holder’s family can be ensured. EPFO has also been informing the account holders via various means including notices on its official Twitter handle @socialEPFO.
In order to submit EPF/EPS nomination digitally, one has to follow some simple steps. They are as follows:
Step 1: One has to visit the official EPFO website at epfindia.gov.in. Then choose the ‘ Service’ option. Again, one has to choose the ‘For Employees’ option. Now, one needs to click on ‘Member UAN/ Online Service (OCS/OTP)
Step 2: Then one has login with UAN and password
Step 3: Now, one has to select ‘E-nomination’ under ‘ Manage Tab’
Step 4: Next ‘Provide Details’ tab will appear on screen and one must click on ‘Save’
Step 5: One has to click on ‘Yes’ to update family declaration
Step 6: After this, one has to click ‘Add Family Details’. It must be noted that more than one nominee can be added
Step 7: Now, one has to click ‘Nomination Details’ to declare the total amount of share. Then one has to click on ‘Save EPF Nomination’
Step 8: Finally, one has to click on ‘E-sign’ to generate OTP and submit the OTP on mobile number linked with Aadhaar
One must note that after this process, the e-nomination will be registered with EPFO. After e-nomination, there is no need to send any documents to employer or ex-employer.
