EPFO EDLI Alert – EPF account holders get Rs 7 lakh cover under EDLI scheme; file EPF/EPS e-nomination ONLINE to take advantage – HERE is how to do it

Big news for the account holders of the Employees' Provident Fund Organisation (EPFO). The retire fund organisation has increased the maximum assurance benefit under the ‘Employees’ Deposit Linked Insurance’ (EDLI) scheme up to Rs 7 lakhs this year in June. The increase in cover amount was done on 28th April 2021. Earlier it was Rs 6 lakh.  

This scheme has been made mandatory for all account holders. Under this scheme, if the main account holder dies from a natural cause or accident or illness, then the nominee gets an amount of Rs 7 lakh.  

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EPFO provides this life insurance scheme to its account holders under the Employees’ Deposit Linked Insurance Scheme, 1976. The scheme has been into force since 1 August 1976.   

EPFO has also been informing the account holders via various means including notices on its official Twitter handle @socialEPFO. It has been urging the account holders or PF subscribers to file their e-Nomination so that the social security of the account holder’s family can be ensured. 

Know how to Submit EPF/ EPS e-Nomination Online: Here is how you can do it easily. Ensuring social security to one's family is of great importance. The members of the Employees' Provident Fund Organisation (EPFO) can file the nomination for Employee Provident Fund (EPF) also referred to as Provident Fund (PF) and Employees' Pension Scheme (EPS) online digitally.  

The EPFO members can login to the official EPFO website at epfindia.gov.in in case of any query. 

The EPFO has recently tweeted from its official Twitter handle informing its members about filing nomination online. The tweet said, "Members should file e-Nomination today to provide #SocialSecurity to their families. Follow these easy steps to file EPF/EPS nomination #digitally." 

In order to submit EPF/EPS nomination digitally, one has to follow some simple steps. They are as follows: 

Step 1: One has to visit the official EPFO website at epfindia.gov.in. Then one has to choose the ' Service' option. Again, one has to choose the 'For Employees' option. Now, one has to click on 'Member UAN/ Online Service (OCS/OTP) 

Step 2: Then one has go login with UAN and password 

Step 3: Now, one has to select 'E-nomination' under ' Manage Tab' 

Step 4: Next 'Provide Details' tab will appear on screen and one must click on 'Save' 

Step 5: One has to click on 'Yes' to update family declaration 

Step 6: After this, one has to click 'Add Family Details'. It must be noted that more than one nominee can be added 

Step 7: Now, one has to click 'Nomination Details' to declare the total amount of share. Then one has to click on 'Save EPF Nomination' 

Step 8: Finally, one has to click on 'E-sign' to generate OTP and submit the OTP on mobile number linked with Aadhaar 

One must note that after this process, the e-nomination will be registered with EPFO. After e-nomination, there is no need to send any documents to employer or ex-employer. 

EPF Benefits   

The EPFO members must be aware of the various benefits of the EPF scheme. These are: 

1) Accumulation plus interest upon retirement, resignation, death. 

2) Partial withdrawals allowed for specific expenses such as house construction, higher education, marriage, illness and others 

What are the benefits of EPS? 

EPS Benefits: 

1) Monthly benefits for superannuation/ retirement, disability, survivor, widow (er), children 

2) Amount of pension based on average salary during the preceding 12 months from the date of exit and total years of employment 

3) Minimum pension on disablement 

4) Past service benefits to participants of erstwhile Family Pension Scheme 

For further details, one can login to the official website of EPFO at epfindia.gov.in.