LIC policies are for a long term, whose premium you have to pay on time. In this, you get the option of monthly, quarterly, half-yearly, and annual premiums. If you have chosen the option of half-yearly or annual premium, then the premium amount will also be higher. But many times such situations come in front of a person when he is short of money. Even household expenses are barely met. In such a situation, paying even one premium becomes difficult.
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 out a form and link your EPF account to LIC. Know what is the method for this.
Submit Form 14 in EPFO
If you are a member of the Employees Provident Fund Organization i.e. EPFO, then you can deposit LIC premium through your EPF account. For this, you have to submit Form 14 in EPFO. Form 14 can be obtained from the EPFO website. In the form, the policyholder will have to fill in some declarations along with some important details of his LIC policy. After the application is processed, the LIC premium amount will be deducted from the EPF account on or before the due date of the premium payment.
Keep these things in mind
- Keep in mind that this facility of EPFO is available only on payment of LIC premium. It cannot be used to pay the premium of any other insurance company.
- To avail of the facility of paying LIC premium from EPF, the policyholder should be a member of EPFO for at least two years.
- At the time of submitting the form, the amount present in your EPF account should be at least equal to your 2 years' LIC premium.
- An EPFO member is given the facility of paying LIC premium from PF only once on submitting Form 14 in EPFO.
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