Provident Fund: Every salaried individual has a portion of their pay withheld for PF. After retirement, the only way to provide pension benefits to those working in the service industry is through a PF account. This PF money also has an insurance provider. Tell us how we can benefit from this and who qualifies to get funds from this insurance.
Insurance policy
EPFO is in charge of this facility. You have to be an EPFO member to benefit from this. You don’t need to travel somewhere else for this because the business or group handling the project itself will supply this service. Employees in the private and public sectors can benefit from this. Your family is entitled to use this service if you have a PF account and contribute a certain amount from your salary to it each month.
What are the qualifications?
The family of any employee who is a member of EPFO has the advantage of insurance coverage from EPFO. The family of an EPFO member who passes away suddenly from a disease or accident is entitled to insurance coverage of up to Rs 7 lakh. However, the EPFO member must be in the service period for 12 continuous months in order to qualify for this. You don’t necessarily need to have held a job there before. People who have worked at multiple places in the past year are also eligible for this Life insurance benefits. To benefit from this insurance, the relevant details regarding the provident fund money deduction from the new office’s wage must be present in the EPFO documentation.
Who can make a claim?
The employee’s family members may file a claim with this insurance in the event of the employee’s untimely death. The employee’s nominee should be the claiming member under this arrangement. This means that the person you designated as your nominee when you joined the company may get your insurance benefits.
What documents are needed?
e-nomination facility
To take advantage of insurance coverage up to Rs. 7 lakhs, the e-nomination function has now also been launched. In other words, you can nominate someone online. The already created nominee’s information can also be updated.
Whether any amount to be deposited
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