EPF Advance: If you are also facing financial problem in paying premium of LIC’s life insurance policy for any reason, then you can overcome this problem by using your EPF account.
New Delhi. If you are also facing financial problem in paying premium of LIC’s life insurance policy for any reason, then you can overcome these problems by using your EPF account. At such a time, the amount in your EPF account can become a solution to the problem of paying the premium of your LIC policy.
How EPFO can help?
Under the Employee Provident Fund Scheme 1952, EPF account holders can pay their life insurance policy through EPF advance. This facility of EPF advance has proved to be of great use in this era of Corona era. Due to the loss of jobs of many people, they did not have the money to pay the premium of insurance. His policy could have lapsed, but EPFO advance helped pay the insurance premium.
How to Withdraw EPF Advance?
If you are a salaried person, you will have to inform the EPFO (Employees’ Provident Fund Organisation) to make payment of LIC’s life insurance policy from your EPF account. You can also give such information to EPFO while buying LIC policy or you can submit Form 14 after payment of some installment. This form is available on the website of EPFO. Once your application is approved, LIC premium will be automatically deducted from your EPF account before the installment date.
Eligibility to get EPF Advance
>> If you want to pay insurance policy through EPF then the very 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 keep in mind 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 he will make the payment.
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