Can’t claim after retirement
Employees’ Provident Fund Organization (EPFO) has given the facility to the employed people to make e-nomination to their subscribers. EPFO subscribers get a free life insurance cover of Rs 7 lakh. Subscribers do not have to make any contribution for this. But to take advantage of this 7 lakh rupees, it is necessary for the subscribers to fill the e-nomination form. EPFO tweeted that from July 2021 to September 2021, 9,21,231 EPF members have filled the nomination forms.
EPFO said in a tweet, to ensure social security for your family / nominee, file EPF / EPS nomination today. Explain that all the subscribers of EPF are covered under the Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI). Under the EDLI scheme, free insurance cover of up to Rs 7 lakh is available on every EPF account.
9,21,231 EPF members filled nomination form
Around 9,29,231 EPF Members have filed #Nominations from July 2021 to September 2021.
— EPFO (@socialepfo) October 11, 2021
At present, 12 percent of the basic salary of the employee is deposited in EPF. The employer also deposits 12 per cent but it is deposited in two parts. The company deposits 3.67 percent amount in EPF and 8.33 percent in EPS. The nominee of PPF subscribers gets an insurance cover of up to Rs 7 lakh under the 0.5 percent contribution deposited by the company in EDLI.
Cannot be claimed after retirement
If an EPFO member dies, the nominee can claim the life insurance amount. This insurance available to PF account holders can be claimed only during the job. This benefit is not available after retirement.
How to do e-nomination in EPF / EPS
>> First of all go to the official website of EPFO https://www.epfindia.gov.in/.
>> Click on ‘Services’ option and under that click on ‘For Employees’ option.
>> You will be redirected to a new page then click on ‘Member UAN/Online Service’ option.
>> Select E-Nomination under Manage Tab. By doing this, the Provide Details tab will appear on the screen, then click on Save.
>> Now click on Yes for family declaration, then click on Add family details.
>> Here click on Nomination Details for Total Amount Share, then click on Save EPF Nomination.
>> Next click on E-sign to generate OTP, now enter OTP on registered mobile number linked in Aadhaar.
>> As soon as you do this, your e-nomination gets registered with EPFO.
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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.