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.
