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EPFO: Complete this important work before December 31, otherwise it will cost you a hefty amount of up to Rs 7 lakh

Along with the month, this year is also about to end and before the end of the year, complete all the important work, otherwise you may face a loss of up to 7 lakh rupees. Yes..All Employees’ Provident Fund (EPF) account holders will have to add a nominee by December 31, 2021, which is next month, before the new rules come into force. If you do not add the name of your nominee then you will lose the sum assured and pension as well as many benefits. According to the new rules, only nominated members will be able to withdraw EPF savings in case of sudden death of the subscribers. Subscriber can nominate more than one nominee and can also determine the percentage of share among all such nominees.

How to Enter Nominee Name

  1. Go to the EPFO ​​website and select Services.2.
  2. Select the employees and click on ‘Member UAN/Online Service’.
  3. Login with Universal Account Number (UAN) and Password
  4. Open ‘Manage Tab’, Select e-Nomination
  5. Click on ‘Yes’ to update the declaration
  6. Click on ‘Add Family Details’
  7. Click on nomination details and save EPF nomination
  8. Click on ‘e-Sign’ for OTP. Submit OTP and Aadhaar. Nominees Added

It is worth noting that Employees Provident Fund Organization (EPFO) account holders get life insurance up to Rs 7 lakh without paying any amount. This government scheme is very useful. Because for this you do not have to pay a single penny.

Also read: Life insurance of 7 lakhs is available under EPFO, not a single installment has to be paid, know its benefits

Benefits of the plan

Maximum Assured Insurance Benefit: Under this, the legal heir of the PF account holder will get up to Rs 7 lakh in the event of death of the EPF member in service. Earlier in April 2021, it was Rs 6 lakh, however later it was increased to Rs 7 lakh.

minimum assured profit: If the employee was in continuous service for 12 months before his death, then the amount is ₹ 2.5 lakh.

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The post EPFO: Get this important work done before December 31, otherwise it will cost you a hefty amount of up to 7 lakh rupees appeared first on DNP INDIA HINDI.

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