Covid19 Victim’s Family Can Get Rs 7 Lakh Insurance Via Employee Provident Fund
Many of us have lost our loved ones to the dangerous COVID-19 virus that has been wreaking a havoc in the world.
The daily death count due to COVID-19 virus has already surpassed the 4500 mark.
Nothing can make up for the loss of our people; however, the families of the victims of the Chinese virus will receive some relief in the form of insurance that can be availed through the EPF.
COVID-19 Victims’ Families To Get Life Insurance Under EDLI Scheme
The Employees Deposit Linked Insurance Scheme (EDLI) was introduced by the government in 1976 in order to offer social security benefits to private employees.
Under this scheme, the maximum benefit has been hiked to Rs. 7 lakh in April, which was previously Rs. 6 lakhs.
Eligibility: If the victim has been in formal employment, and was contributing to the Employee Provident Fund, they will be eligible for life insurance in the range of Rs 2.5 lakh to Rs 7 lakh in proportion to the basic salary under the Employees’ Deposit Linked Insurance (EDLI) Scheme.
As per reports, there is no specific timeline to file and claim the insurance, as per Adhil Shetty, who is the CEO of BankBazaar.com.
Exclusions: There are no exclusions under this plan as well. This life insurance will cover the death of any employee, irrespective of the cause of death or if it happened during working hours or non-working hours.
As per Shetty, there was a condition earlier that the employee should complete one year to be eligible for EDLI, but this condition has been revoked and coverage begins on the first day.
Conditions: The only condition is that the deceased employee should be an active active contributor to the EPF scheme at the time of their death. Additionally, the scheme is applicable to all those with a basic salary of under Rs. 15000 per month. If the basic salary is more than Rs. 15000, the benefit is limited to Rs. 7 lakh.
How To Claim Insurance: Submit the claim form, Form 5 IF, duly signed and certified by the employer to the EPFO. With the form, you will also need to submit the death certificate and a copy of cancelled cheque for the bank account in which the payment is to be received.
If there is no nominee, the application must be submitted by the legal heir(s) and the succession certificate must be submitted along with the form. If the signature of the employer cannot be obtained, or if the employer no longer exists, then the form must be attested by a bank manager, Gazetted Officer, Magistrate, or Local MP or MLA.