Employee provident fund- EPF form31
EPF Form 31 also known as ‘advance form’ is an application form that must be filled by an employee who wishes to withdraw funds partially from their EPF account.
Some fields must be filled by the employee and the rest by the employer and the EPF commissioner.
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The EPF form contains the following fields that must be mandatorily filled by an employee as per rules of the employee provident fund scheme 1952.
Father name/husband’s name (in case of married woman)
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Employment Provident Fund is created with an intention to help private sector employees to save a fraction of their monthly salary.
And this savings will be helpful for the employees in the event of employee’s termination or if the employee is no longer fit to work or after their retirement.
Apart from these, you also need to provide the KYC details including:
For instance, if the monthly salary is Rs 20,000, the contribution from employee towards his or her EPF would be Rs 2,600/month i.e.
To withdraw money from EPF account, employees can now make use of UAN based Form 19.
This facility is available to all those employers whose UAN is activated and verified with KYC details including Aadhar card number, and bank account number.
In any case, with such a significant number of various types of plans accessible picking the correct protection arrangement that is appropriate for you and your family can be testing.
The reason for security strategy is insurance yet there are sure items accessible in the market which enables the policyholder to utilize it as a riches creation and investment funds instrument.
Whole life coverage gives you inclusion all through your life as long as 100 years old gave the strategy is in power.
Entire extra security arrangements likewise contain a money esteem segment that increments after some time.
In a blessing approach if the protected passes on the term of the strategy the chosen one get the aggregate guaranteed in addition to the reward or taking an interesting benefit or ensured augmentations assuming any.
The reward or benefit is paid for the number of years that the protected makes due in the approach term.
There are diverse types of life insurance available in the market, but term life insurance is one of the most popular options for people.
Term life insurance, within a certain time frame, guarantees a policyholder various death benefits to their beneficiaries.
The two major factors that you should consider when buying insurance are the length of the term and the cost of the insurance.
Employer and the employee make contributions to the EPF for employee retirement.
The Employees’ Provident Fund Organisation (EPFO), has allowed employees to make partial withdrawals from their PF accounts and the money can be used as a personal loan to fund emergencies.
The EPFO thoroughly verifies if the application is genuine or not, before granting permission to avail the loan from the EPF account.
The applicant needs to complete 10 years of continuous service and must submit a certificate from the agency indicating outstanding principal and interest along with form 31 to withdraw funds.
Grant of advances in special cases:
In case of lock-out or closure of establishment for more than 15 days or in case the employee is rendered unemployed without compensation or has not received a salary for more than 2 months, the employee can withdraw funds, without serving any service period.
Read More https://indianmoney.com/articles/how-to-get-a-loan-from-epf-account
Term Insurance Get LIC Mutual Fund Scheme for Benefits and Review
Premium Life Insurance Protection for the country's largest insurance supplier life assurance Corporation of the Republic of India offers a range of assuring merchandise.
Such life insurance plans set up are LIC Mutual Fund policy.
This set up offers a mixture of financial gain and protection to one's family.
LIC Jeevan Umang set up provides for survival advantages from the top of the premium life insurance paying until maturity and payment at the time of maturity or on the death of the customer throughout the policy term as on the LIC web site,
Who can purchase a LIC Jeevan Mutual Fund plan?
