EPFO will pay your LIC premium, know how

Most of the people in the country prefer to buy a policy from the government insurance company Life Insurance Corporation of India. The biggest factor behind taking the policy from LIC is trust as the government has a stake in it and hence will never have to be troubled due to LIC’s policy. At the same time, due to the Corona epidemic, many people have lost their jobs. Due to which some people are facing the problem of paying the premium of LIC’s policy. If you also have this problem and you have EPF account then you don’t need to worry. Because, you can easily pay the premium of your policy with the help of your EPF account.

Let’s know the process of getting help from EPFO:

Let us tell you that under the Employee Provident Fund Scheme 1952, EPF account holders can pay their life insurance policy through EPF advance. All you need to do is do some paperwork for this. Let us tell you that in the Corona time, many people did not have money to pay premiums for life insurance. Because of which there was a risk of policy lapse. But with the help of EPF advance, people did not face any problem.

If you do a job and want to pay for life insurance policy through EPFO, you have to give this information in the EPF office. At the same time, you can also inform EPFO ​​about this while buying LIC policy. Along with this, later after paying some installment, you can submit Form 14. This form is available on the EPFO ​​website. Once your application is approved, LIC premium will be automatically deducted from your EPF account before the installment date.

Know this important thing before EPF advance: If you want to pay insurance policy through EPF, then the first thing that you have to keep in mind is that you have enough money in your EPF account.

If you have to pay the first installment of the insurance policy, then make sure that you have enough money in your account to pay the premium for 2 years.

Also, before making any payment, the commissioner will confirm that everything is correct, then make the payment.

The EPFO had given permission to withdraw money for the second time from the PF account with the intention of providing relief to more than five crore subscribers in view of the second wave of coronavirus infection in the country. The Employees’ Provident Fund Organization (EPFO) early last year allowed its members to withdraw money to meet emergent needs due to the pandemic. Under this, members were allowed to withdraw three months’ basic salary (basic pay + dearness allowance) or up to 75 percent of the amount deposited in their provident fund account, whichever is less.

(Sources: jansatta.com)

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