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 actively contribute, then you do not need to worry about paying the premium.
In today’s time, having insurance has become very important. Insurance helps you and your family financially in bad times. To run the insurance without any interruption, you have to pay the premium from time to time. If there is a delay in paying the premium, the insurance companies charge a penalty from the customers. But sometimes such situations arise when a person does not have enough money to pay the premium. But if you are a member of EPFO and actively contribute, then you do not need to worry about paying the premium.
Facility is available only on insurance policies purchased from LIC
EPFO provides funds to its members to pay insurance premium in case of emergency. But keep in mind that your insurance should be in LIC. If your insurance is not in LIC, then you will not get the benefit of this facility and if you have taken an insurance policy from LIC, then you will get full benefit of this facility. However, for this you will have to link your EPF account with LIC and take care of some important rules.
Premium money will be deducted from EPFO account only
To pay premium from EPF account, you will first have to fill Form 14. You will get this form on EPFO website itself. You will have to fill the details in this form. After the application is approved, the amount of premium of LIC policy will be deducted from your EPF account on or before the due date.
Policyholders will also have to pay special attention to these things
To avail this special facility, you have to be a member of EPFO for at least 2 years. If you have not completed 2 years in EPFO then you will not be able to avail this facility. You also have to keep in mind that at the time of filling Form 14, there should be at least 2 years of premium in your EPF account.
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