LIC policies are for a long term, whose premiums have to be paid on time. In this, you get the option of monthly, quarterly, half-yearly and yearly premiums. If you have chosen the option of half-yearly or yearly premium, then the premium amount will also be higher.
But many times a person faces such situations when he is short of money. Even the household expenses can be met with difficulty. In such a situation, it becomes difficult to pay even one premium.
But if you work in the organized sector and contribute to EPFO ​​every month, then you can pay your premium from the EPF fund. For this, you just have to fill a form and link your EPF account with LIC. Know what is the method for this.
Submit Form 14 to EPFO
keep these things in mind
– Keep in mind that this facility of EPFO ​​is available only on payment of premium of LIC. It cannot be used for payment of premium of any other insurance company.
– To avail the facility of paying LIC premium through EPF, the policyholder must be a member of EPFO ​​for at least two years.
– The amount in your EPF account at the time of submitting the form should be at least equal to your 2 years LIC premium.
An EPFO ​​member is allowed the facility to pay LIC premium from PF only once by submitting Form 14 to the EPFO.
