free insurance of 7 lakh on pf account will also get claim on death from corona: If you are affiliated with the Employees Provident Fund Organization (EPFO), i.e., your PF is deducted, life insurance is provided to you by the EPFO. Employees get life cover up to Rs 7 lakh from EPFO. Do you know about it This news is very important for you if you work in government or private sector.
In fact, all EPFO subscribers are covered under the Employees Deposit Linked Insurance Scheme (EDLI) 1976. Under which the EPFO holder gets insurance cover up to Rs. 7 lakhs. Earlier this amount was Rs 6 lakh. The Central Board of Trustees (CBT) of the EPFO, headed by Labor Minister Santosh Gangwar, had on September 9, 2020 decided to increase the maximum amount under the EDLI scheme to Rs 7 lakh. free insurance of 7 lakh on pf account will also get claim on death from corona.
Corona will get money on death
More than 50 million customers will benefit from EPFO’s decision. Under the EDLI scheme, illness, accident or natural death can be scammed. If an employee also dies due to Covid-19, the family can get Rs 7 lakh under EDLI.
Only one condition of the claim
Must have worked in more than one establishment within exactly 12 months of the employee’s death. That is, the employee must be employed within one year prior to death. During the claim, the insurance company will need to provide the employee’s death certificate, succession certificate, guardianship certificate and bank details from the minor nominee if claimed by the parent.
How to claim?
After the death of the employee, the nominee has to submit Form-5 IF for the claim, which is verified by the employer. If the employer is not available, the verification is done by a Gazetted Officer, Magistrate, Gram Panchayat President and Municipal or District Local Board.
The employer pays a premium
The premium in an EDLI plan is credited only by the company, which is 0.50 per cent of the employee’s basic salary and inflation allowance. The maximum basic salary limit has been fixed at Rs 15,000, which means that despite the basic salary being Rs 15,000, the calculation will be only Rs 15,000.
This is math
Under EDLI scheme, XM is done on the basis of basic salary + DA of the last 12 months of the employee. According to the latest update, the insurance cover claim will be 35 times the last basic salary + DA. A maximum bonus of Rs 1.75 lakh will be added. For example, suppose the basic salary of the employee for the last 12 months + DA, which is 15 thousand rupees. This way the insurance claim (35 x 15,000) + 1,75,000 = a maximum of Rs. 7 lakhs.
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