If the EPF account holder dies without a proper nominee, it might get difficult to get a claim processed. But, with the new e-nomination facility, the claim process has become quicker as EPFO already has all the information. Hence, any claim is processed and transferred quickly.
Almost all financial instruments and organisations are gearing up for digitization, and EPFO is not an exception. EPFO has taken many steps in this direction, one being making the nomination facility online fully functional on its website. Hence, account holders can now update their nomination details online along with assigning their percentage. Experts say as these details can now be updated directly, there will be more accuracy in the succession records.
Earlier, at the time of joining, EPF (Employee’s Provident Fund) members were asked to provide nomination details. However, in case of any need to make any changes later, there was no way to do it online. It had to be done physically, because of which most employees used to do it at the time of changing a job. Now with the digital facility being fully functional, members can update their nomination details whenever required.
EPF is one of the most popular investment instruments that come to mind when planning to save for retirement. It not only provides tax savings but also creates a good retirement corpus. EPF also has more debt allocation, which makes it more safe and secure.
However, if the EPF account holder dies without a proper nominee, it might get difficult to get a claim processed. But, with the new e-nomination facility, the claim process has become quicker as EPFO already has all the information. Hence, any claim is processed and transferred quickly.
If you haven’t updated your nominee details, here’s how you can do it online:
- Visit the official EPFO website – https://unifiedportal-mem.epfindia.gov.in
- Then using your UAN (Universal Account Number) and password, log in to your account (You can get the UAN from your company’s HR department)
- Once you log in you will be asked to go for the E-nomination facility.
- If not, you click on the ‘manage’ tab and from the dropdown menu select e-nomination facility.
- Next, the nomination page will open where you need to fill in all your the details
- Members also need to upload photographs of family members, who they list as their nominees.
- You can save the details once you have put in all the information of the nominee.
- Multiple nominees can also be added. For that, you need to add a new row to further add family members and put in their details.
- Then mention the percentage share you would like the nominees to receive.
- Submit once you have completed putting in all the details.
- Additional information like Bank account number, IFSC code, and Aadhaar number, will also be needed for the process. Hence, keep all this information handy, for a smooth process.