Employee Provident Fund (EPF) allows many benefits other than helping you save for your retirement.
Individuals who have accumulated enough amount can avail advance on the PF account, can finance LIC policy if an individual has crossed 58 years of service can settle their PF account.
By providing so many benefits, one should be aware of which forms to be filled to have a smooth transaction.
Here are forms which need to be submitted depending on the claim:
1. Individual when working in an establishment
This form can be used when an individual is looking to avail loan, advance or withdrawals from his or her provident fund account. Note that loan will be granted only if individuals meet the criteria and eligibility. Know more.
If an individual wants LIC policy to be financed by PF account.
This form can be filled if an individual has and is looking to settle Pension Fund. Form 10D is to be applied when an individuals has completed 10 years of eligible service and crossed the age of 58 years of service.
This forms need to be used if an individual has not completed 10 years of eligible service as on 58 years age and is looking to withdraw the fund.
2) Individuals left one establishment and joined another
Individuals can use this form when he wants to transfer accounts when he has joined another establishment.
3) Left an organisation and not joined anywhere
Individual who has completed 10 years of service but age is below 50 can apply for form 19 for final settlement of PF.
One can apply for a certificate from pension fund and withdrawal benefits form 10C.
Individuals who have not completed 10 years of service as on date of leaving can also apply for the same through form 19 and form 10c.
If an individuals age is above 58 years, he can use form 1OD. He has to however have completed 10 years of eligible service.
4) Left job due to disability
EPF Form 19
For the Settlement of pension amount
Age below 58 years and completed 10 years of service - Pension form 10D for monthly member pension.
Age below 58 years and not completed 10 years of service - Pension form 10C Pension Fund Withdrawal Benefit.