People associated with Employees’ Provident Fund Organization get many such facilities, which we and you may not know about. One such facility is the Life Insurance Corporation of India (LIC) premium payment. Under this, EPFO members can pay LIC premium with their PF money.
According to experts, an EPFO member can use his EPF account money for LIC premium payment. However, for this it is necessary that the amount in the EPF account of the EPFO member is equal to your LIC premium for at least 2 years.
These things have to be done: If you want to pay LIC premium with your PF money, then Form 14 has to be submitted. Form 14 is available on the EPFO website. After submitting this form, LIC premium will be paid. Premium money will be deducted from your EPF account.
Here are the conditions: Let us tell you that this facility is available only for the payment of LIC premium. If you also want to take the facility for payment of premium of other insurance company, then it will not be possible. At the same time, this facility is available only on policies with annual premium.
What Experts Say: Pankaj Mathpal, Founder and Managing Director, Optima Money Managers said, If an EPF account holder is under financial stress due to the COVID-19 pandemic or any other reason, he can still pay LIC premium from his EPF account . He has to submit Form 14 to his nearest EPFO office.
