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Having insurance has become very important in today's times. Insurance is what helps you and your family financially during tough times. You have to pay the premium periodically to keep the insurance going continuously. In case of delay in payment of premium, insurance companies charge penalty from customers. But many times situations arise when a person does not have enough money to pay the premium. But if you are a member of EPFO ​​and contribute actively, you don't need to worry about paying the premium.

The facility is available only on insurance policies purchased from LIC

EPFO provides funds to its members to pay insurance premiums in emergencies. But keep in mind that your insurance should be with LIC. If your insurance is not with LIC, you will not get the benefit of this facility and if you have taken an insurance policy from LIC, you will get full benefit of this facility. However, for this, you have to link your EPF account with LIC and follow some necessary rules.

The premium money will be deducted from the EPFO ​​account

To pay the premium from the EPF account you need to fill out Form 14 first. You will find this form on the EPFO ​​website. In this form, you have to fill in the details. After the application is approved, the premium amount of the LIC policy will be deducted from your EPF account on or before the due date.

The policyholders have to pay special attention to these things as well

Note that this facility of EPFO ​​is available only on payment of LIC premium. It cannot be used to pay premiums for any other insurance company.

To avail of the facility of paying LIC premium from EPF, the policyholder must be a member of EPFO ​​for at least two years.

While submitting the form, the amount in your EPF account should be at least equal to your 2 years of LIC premium.

After submission of Form 14 to EPFO ​​the EPFO ​​member is given the facility to pay LIC premium only once from PF.