EPFO Latest Update: All Employees to Get Life Insurance of 7 Lakhs? Details Inside

The Employees' Provident Fund Organization (EPFO) urged its members to submit nominations as soon as possible. You risk losing seven lakh rupees if you don't comply with this. Actually, EPFO offers a benefit to salaried individuals of seven lakh rupees, and it's completely free.

If an employee passes away, his or her immediate family receives the benefit. If there is no nomination in such a case, it becomes highly challenging to assert one's claim. People must frequently run. Enter the nominee's name as soon as possible.

All Employees to Get Life Insurance of 7 Lakhs?

The Employees' Provident Fund Organization also provides all subscribers with the advantage of life insurance in addition to PF and pension. The Employees' Deposit Linked Insurance Scheme (EDLI) of 1976 provides coverage for all EPFO-affiliated employees. Every employee is eligible for free insurance up to Rs. 7 lakhs under this. The employee is not charged anything for this.

Under the Employees' Deposit Linked Insurance Scheme, all EPF subscribers receive insurance coverage of Rs 7 lakh. An employee's office must be notified if they pass away. After that, the money is transferred to the nominee's account upon the claim. The customer's close family receives some financial assistance as a result.

How to Do e-Nomination?

Users must first go to https://www.epfindia.gov.in, the EPF's official website. Following that, you must select the Service Services option. Then you need to click "For Employees." Click on Member UAN Online Service after that. Now sign in by using your UAN number and password. Then, after selecting the Manage option, choose the e-nomination and fill out the form with the names of your family members. More than one nominee may be added. Save the page after entering the nominee's information.

Some of the nominee's information is requested when adding them. Keep the nominee's Aadhar card on hand as a result. Keep your phone close by as well. Only your registered mobile number will receive the OTP. If the mobile number is not registered, you can get in touch with the person by visiting to your office's accounts department.