For the convenience of the EPFO account holders, some new rules have been made, due to which the EPFO account holders are going to benefit a lot because they can now get the most important work done directly from their EPFO account. Let us know what is the new rule.
New Delhi : If you are also an EPFO account holder, then there is great news for you. EPFO has made some changes in its rules. Under this, EPFO has given the facility to the account holders to deposit the premium of LIC from the EPF account.
Actually, lakhs of people lost their jobs during Corona. In such a situation, people will get relief from this change in the rules.
What is the process of withdrawing money?
LIC will have to follow the new conditions of PF, EPFO. First of all you have to submit Form 14 of EPFO. After this, LIC’s policy and EPFO account will be linked together. In this way the account holder will be able to pay the premium of LIC.
The second condition is that when you are filling Form 14 of EPFO, then you should have at least two months premium amount in your account. The third condition is that EPFO has given this facility to the account holders only for the policy of LIC. This feature is not available for other companies. Account holders will not be able to deposit money from EPF account in any other policy.
EPFO made another big change
Under the new rules of EPFO, if you need money, then EPFO will allow you to withdraw one lakh rupees from PF. You will not even need to provide any documents in this process.
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