EPFO: Struggling to pay your LIC policy premium every month? But this is for you. Paying LIC premium every month is very easy if you have a PF account. Payment can be made from PF account. Find out how now.
Link LIC Policy with PF Account
EPFO: Are you struggling to pay premium every month after taking LIC policy? Tired of making monthly payments? But this is for you. Employees Provident Fund Organization (EPFO). The ultimate objective of Life Insurance Corporation (LIC) is to provide financial security for the future. Now these two companies are offering a good opportunity to those who are struggling to pay LIC premium. EPF and LIC together offer a wonderful opportunity. EPFO allows payment of LIC policy premium from PF account. And how to lick? What are the benefits? Let’s find out now.
Together, EPF and LIC companies are offering a good chance to employees with PF accounts. They provide an opportunity to link the LIC policy with their PF account. That means.. from now on you can pay the LIC policy premium using your money. This opportunity is a boon to the employees. Linking the LIC policy with the EPF account will reduce the direct financial burden on the employees. There will be no situation where the premium will be paid from the next month’s salary. That gives flexibility to the employees. Due to this, there is no risk of LIC policies lapsing due to non-payment of premium.
How to Link LIC Policy with PF Account
To link LIC policy with PF account you need to submit Form-14 at the nearest EPFO office. You have to apply to the EPF Commissioner to allow LIC premium payment using your PF account. Funds in your PF account should be at least double your annual LIC premium amount. That means the money in your PF account should be enough to pay your LIC premium for two years. However, PF account holders should note that this facility is limited to premium payments for Life Insurance Corporation of India (LIC) policies only. It is not possible to pay the premium of policies belonging to other insurance companies through your PF account. Only premium for LIC policies can be paid.
