EPF Update (News): Nominee Can Claim On Sudden Death Under eDLI

In the Corona era, there is a relief news for the family of 4.5 crore people across the country. Now, on the sudden death of any EPF member, the nominee will get Rs 7 lakh of insurance. Till now only 6 lakh rupees were given. The EPFO’s Pension-EDLI Committee has approved it. With this, preparations have been started to replace the pension scheme 1995 with a new scheme.

Employees Deposit Linked Insurance Scheme has been started since 1976 on untimely or natural death. In this regard, EPFO ​​Central Board of Trustees member Harbhajan Singh said that the pension committee has approved the new decision. High power committee has been constituted. The formal seal will be put up at the CBT meeting on Wednesday. The minimum insurance amount will be 2.5 lakh.

Talking to Hindustan, he said that on the lines of NPS, a new pension scheme is being introduced for PF members. The agenda has been given to the board members but the provisions have not been cleared, so all the members in the Pension-EDLI Committee on Monday protested. Members asked in the meeting what is the rationale for introducing new pension scheme without demand. Now even the Supreme Court has said that pension is the right of employees. Then the new pension scheme of EPFO ​​is beyond comprehension.

In this way, the insured can claim the sum on the sudden death of the shareholder by claiming nominee or legal heir by filling Form-5 IF for the sum assured. If the nominee is a minor, the Guardian can claim on his behalf. For this, the insurance company will have to give death certificate, succession certificate and bank details. If the claim is not paid within 30 days, the nominee will get an additional 12% interest.

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