Your EPF money can be used to pay the premium for your LIC insurance policy. here’s how

Your EPF money can be used to pay the premium for your LIC insurance policy. here’s how

New Delhi: EPFO ​​allows its members to pay the premium for their insurance policy to Life Insurance Corporation (LIC) using their EPF balance under certain conditions. So, if you are facing a temporary cash shortage and are unable to afford your LIC policy premium, you may consider taking advantage of this facility from EPFO. It should be mentioned here that this facility can also be used to purchase a new LIC policy. This facility can be used by using Form 14, which is available on the EPFO ​​website.

You can ask EPFO ​​to pay the LIC premium at the time of purchase or at any time after payment of the initial premium by completing form 14.

Form 14 is a request for financing a life insurance policy from LIC using your contribution to the EPF account. Form 14 is available at this link: https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form14.pdf.

Your LIC premium will be deducted from your EPF account at the latest on the due date once your request has been processed.

Who can take advantage of this facility
To benefit from this facility, the subscriber’s EPF balance must be at least equal to two years of payment of the LIC premium.

In the EPFO ​​14 form, the subscriber must mention the number of months during which he is a member of EPFO ​​and the amount to his credit on the EPF account. Also, you must say that the amount available in your account is sufficient to cover the two premium years of your policy. The details of your annual contribution must also be mentioned in Form 14.

Besides the above details, the EPF account holder should also mention the details of the policy for which he wishes to pay a premium, such as the address of the branch or unit of the life insurance company where the policy account must be maintained, the policy / number and date of application, sum insured, probable date of purchase of the policy, etc.


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