Categories: Business

Insurance cover of Rs 6 lakh for EPFO ​​subscribers, know what are the terms and conditions

EPFO
Image Source: GOOGLE

new Delhi. Every employee knows about the benefits from the amount deposited in EPFO, but do you know that apart from EPF and EPS (Pension Scheme), you also get the benefit of life insurance. All the employees who are subscribed get an insurance claim of Rs 6 lakh under the Subscriber Employees Deposit Linked Insurance Scheme, 1976 ie EDLI. Do you even know how to get a claim for insurance up to Rs 6 lakh to EPFO ​​account? Also how can you take advantage of it? Know through our special report.

How to get insurance cover of 6 lakhsThe

Employees working in every organized sector or company get free cover of 6 lakhs with EPFO ​​account.

Insurance is linked to the PF account as well.

No separate deposit has to be given to any employee for insurance cover.

EPFO provides insurance cover to all its members.

On the death of an employee, his nominee gets insurance cover.

The claim amount of the first insurance cover was Rs. 3,60,000 which has been increased to Rs. 6 lakhs in the year 2015.

The company does EDLI Scheme ContributionThe

· EPF money is spent as well as part of the basic salary of the employee in every organized sector or company is also the Employer

· Up to 12% of basic salary and the remaining 12% (in two parts) is deposited by the employer.

Every company deposits 3.67% in EPF and 8.33% in EPS.

Employee does not have to submit any separate premium for insurance

Insurance premium amount is deducted from salary only. The basic salary and allowances together is 0.50 percent.

How can you claim insuranceThe

This insurance can be done only after the death of the claim employee.

· The condition is that the claimant should be a member of the family of the person or employee and his / her name should be in the nominee.

Apart from the death certificate of the employee, bank account information has to be submitted along with some other necessary documents.

The form of claiming insurance cover is verified by the employer or a gazetted officer.

· It is mandatory for the deceased employee to be a member of EPFO, as well as the account in the company in which the deceased has worked. Claim can be made only after death has occurred before retirement

It is mandatory for the family to be 18 years of age to make an insurance claim.

Keep some important things in mind:

The insurance claim is calculated according to the EDLI scheme on the employee's last salary.

According to EDLI rules, the maximum salary limit is up to Rs 15,000.

The insurance cover claim is 30 times the last salary. Which is fixed by adding basic salary plus dearness allowance

In addition, a bonus of Rs 1.50 lakh is given to the employee.

If calculating the insurance claim cover of Rs 6 lakhs ((30 * 15000) +1,50,000)

The successor of the PF account has the right to fill the complete form details and easily take the insurance cover claim.

This post was published on June 11, 2020 1:56 am

Content Team

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