Even if you are working in the private sector, you will get insurance cover for free. You will get life insurance benefits worth lakhs of rupees without spending a single penny. You do not have to invest anything for this. That is, you will get life insurance of Rs 7 lakh without any premium. So know how…
If you have an EPF account and your PF is deducted every month, then you are eligible for free life insurance. For this, only the nominee details need to be updated in the EPF account. The Employees’ Provident Fund Organization provides the benefit of Employee Linked Insurance Scheme to its members. This is a type of life insurance cover. Through this, if an employee dies while working, then his family or nominee will get financial assistance. This scheme is run by EPFO. Which is available only to EPF members.
No premium has to be paid for the insurance. The entire cost of this will be borne by the company. Most members eligible for this scheme will get an insurance cover of Rs 7 lakh. However, due to some conditions, some members will get an insurance of Rs 2.5 lakh. This amount depends on the salary of the employee and the average balance of the PF account.
- Required documents:
Form 5IF (EDLI claim form)
Death certificate
Claimant’s identity card
Bank account details (passbook or cancelled cheque)
UAN or EPF member details
Inheritance certificate if there is no nominee - Submit the form
The documents can be verified by the employer and submitted to the regional EPFO office. In many cases, online claim facility is also available. - Payment
After verification of documents, the amount is directly transferred to the nominee’s bank account. Usually, it is received within 30 days of the claim. In this case, not only e-nomination but also e-signing through Aadhaar has to be done.
