LIC Policy Holders Alert: If you ever face such a situation that you do not have enough funds to pay the LIC premium, then you can pay the premium through EPF funds. Know its method.
Every month, some part of the salary of employees working in the organized sector goes to the Employees Provident Fund (EPF). The EPF account is opened by the employer and contributions are made by both the employee and the employer. Apart from this, people also invest in Life Insurance Corporation (LIC) and various other schemes thinking that this money will be useful to them at the age of retirement. But in both EPF and LIC one has to invest for a long time. But many times such situations arise in life that one may have to face financial crises. In such a situation, sometimes the necessary expenses increase so much that it becomes difficult to pay the premiums of other schemes like LIC.
If you also face such a situation, then there is no need to worry too much. In this condition, you can use the EPF money and pay the premium of LIC. For this you just have to fill a form and link your EPF account with LIC. Know what is its method.
Submit Form 14 in EPFO
If you are a member of Provident Employees Fund Organization i.e. EPFO, then you can deposit LIC premium through your EPF account. For this you will have to submit Form 14 in EPFO. Form 14 can be obtained from the EPFO website. In the form, the policyholder will have to fill some important details of his LIC policy along with some declarations. After the application is processed, the LIC premium amount will be deducted from the EPF account on or before the due date of premium payment.
Keep these things in mind
- Keep in mind that this facility of EPFO is available only on payment of LIC premium. It cannot be used to pay premium for any other insurance company.
- To avail the facility of paying LIC premium from EPF, the policyholder must be a member of EPFO for at least two years.
- At the time of submitting the form, the amount in your EPF account should be at least equal to your 2 years’ LIC premium.
- An EPFO member is given the facility of payment of LIC premium only once from PF after submitting Form 14 to EPFO.
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