In addition to being a reliable investment plan for salaried employees, the Employees Provident Fund comes with a number of benefits. One such benefit is the convenience of the insurance plan available to EPFO account holders at no premium. It has been announced that EPFO users will be able to avail of a free benefit worth around Rs 7 lakh each under this insurance scheme. How can EPFO users get this benefit?
7 lakh worth of insurance for EPFO users
This post fully explains all your questions as to who this benefit applies to, whether users should apply alone to avail this Rs 7 lakh worth of insurance or how to apply for this scheme. Find out how EPFO account holders can check how much balance is in their account online.
Can I check your balance online?
BP balances are held at all offices. These will allow your office to set aside a certain amount from each salary for your welfare program. Futures Deposit Funds or BP Accounts are the most important savings for most people after retirement. You can easily check your balance online if PP does not match.
How to check BP account information?
And you can easily find out online how much savings you have, especially in your BP account, right now. First you need to keep track of the miles you have and if and when they expire. Keep in mind that this is very important information regarding your BP account.
Step # 01
Go online and visit http://www.epfindia.com/site_en/KYEPFB.php under this webpage. Select the state office where your BP account will be maintained.
Do this as it is
Once the state is selected, a list of city offices associated with that state will be listed below.
You must select your city specific BP office from the list.
For example, if your state office is in Karnataka and your local office is in Bangalore, you should choose Bangalore as your city.
After selecting the BP account number, name, mobile number and all the information given in it should be filled in the application.
After submitting all the information you will be able to know all the information through the mobile number to which the SMS will be sent.
What is a Universal Account Number (UAN)?
The Universal Account Number (UAN) was introduced in 2014 by the Employees Provident Fund. You will need to register on the UAN website using your BP number and create a UAN number. Subscribers can then log in using it to view BP contributions and current balances.
Guaranteed life insurance up to Rs 7 lakh
Employees’ Deposit Linked Insurance or EDLI Scheme Under 1976, provident fund account holders can avail up to Rs. It is noteworthy that up to Rs 7 lakh are eligible for guaranteed life insurance benefits. It is worth noting that this facility is operated by the Employees Provident Fund Organization (EPFO) and is available to every PF account holder. If you have a PF account in your name, of course you are also eligible for this sum assured.
Offers available for a wide variety of benefits
It is noteworthy that the facilities under the EDLI scheme are not limited to the insurance benefits but also extend to a wide range of other benefits A video of EPFO released recently clarifies the benefits of the Rs 7 lakh insurance plan available to EPFO users.
How will race money be paid?
It will be passed on to the heirs of its users through direct bank transfer. Benefits of the EDLI scheme will be paid directly into the bank account of the nominee or the legal heir of the employee. In case of death of EPF account holders, the benefits will be credited directly to this bank account. However, nominees or legal heirs of the scheme are required to complete Form 51F and submit it to the EPFO. For more information about the program, see the EPFO website.
