Insurance has become very important in today’s time. Which provides you financial assistance in difficult times. When you are ill, expensive treatment can be done easily through health insurance. To avail the benefits of insurance, premium (LIC Insurance Policy Premium) has to be paid from time to time. If the premium is not paid on time, you may have to pay a penalty.
What to do when you don’t have money to pay the insurance premium?
Sometimes such situations arise when you do not have money to pay the insurance premium. At such times, EPFO can be useful for you. If you are a member of EPFO and invest in it, then insurance premium can be paid through it.
Only LIC premium will be paid
Members can pay insurance premium from EPFO account only if your insurance is taken from LIC. If you have taken insurance policy of any other company other than LIC, then this benefit cannot be availed.
Also Read: 8 Best Health Insurance Policies in 2024 in India
How will the payment be made?
If you want the insurance premium to be paid through your EPF account, then for this you will have to link your LIC to the EPF account. Also, it is necessary to be a member of EPFO for two years. If your EPF account has not completed two years, then you will not be able to take advantage of this facility.
Payment will be made from LIC’s linked accounts
If you want to pay the insurance premium from your EPF account, then for this you will first have to submit Form 14. The form can be filled by visiting the official website of EPFO. After this, on the premium date, the LIC premium will be automatically paid through the EPF account.