Avoid ques, reduce turnaround time by claiming EPF online

The Employees Provident Fund Organization (EPFO), in February 2017, had introduced a single-page claim form subsuming the erstwhile Forms 19, 10C and 31 for complete withdrawal, pension withdrawal benefit and partial withdrawals, respectively. To make things more lucid and hassle free, EPFO extended the facility for claimants to file their provident fund (PF) claim application online via its official site from May 2017.

There are two types of claim forms – Aadhar based and non-Aadhar based. The online claim process is available to those who do have Aadhaar; claimants who do not have Aadhar will have to file the claim offline.

Online claim submission reduces the amount of time it takes for a claim process which frees up more time for the claimant. Generally, the EPFO office is crowded and claimant will have to wait in a queue to submit the claim form. The claimant can bypass that cumbersome procedure by using the online portal. The hassle of maintaining a physical receipt copy of the claim form can also be done away with while submitting an online claim since an e-receipt of the claim is sent to the registered mobile number. The claimant can submit the claim anytime during the day or night since the portal is open 24/7*365 rather than fixed working hours of submitting the claim form at the EPFO office.

The major benefit of online claim is that it is expected to reduce the turnaround time, taken to process a claim, to ten days as per the EPFO commissioner. Additionally, the claimant would not have to visit either the past employer's office to get the claim form signed or the PF office to submit the form and can complete the entire process from one's own computer.

Time is precious and most people value their time highly. That is why online claiming is beneficial.

TIME EFFECTIVE

• Claim forms are Aadhar based and non-Aadhar based. Online claim process is available to the ones with Aadhaar
   
• Online claim submission reduces the amount of time it takes for a claim process, freeing up more time
   
• Pass on the cumbersome processes like maintaining a physical receipt copy of the claim form, among others

The writer is chief investment officer, LIC Mutual Fund