Due to the Coronavirus pandemic, there seems to be a lot of damage in every area. Where on the one hand, people's employment is being snatched away on a large scale. On the other hand, expenses are increasing continuously. Due to this, the future planning of the people seems to be getting spoiled. In such a situation, a new rule of EPFO can work to bring relief to the people in these situations. EPFO has given the facility to the PF account holders to pay the premium of LIC from their EPF account.
The thing to note here is that not everyone can take advantage of this facility. For this EPFO has set some conditions. To take advantage of this, the PF account holder has to submit Form 14 to the EPFO. After this, the EPF account and the policy of LIC get linked together. In this way, account holders can pay LIC premiums from their EPF account in trouble.
The PF account
There is also a necessary condition for this. When you are filling Form 14, you should have at least two premiums in your EPF account. This benefit can also be used for new LIC policy and also in paying the remaining premium of the old policy. EPFO has provided this facility to the account holders only for the policy of LIC. This facility is not given for other companies. The premium of any other policy cannot be paid from the EPF account.
Keep these things in mind
In such a situation, unless it is very important, EPF account should not be touched. It becomes difficult to get a new job after the retirement age. In such a situation, the means of earning money for people stop. Later, efforts should also be made to increase the contribution in EPF and compensate for the expenses incurred in paying premium. This is necessary for retirement and subsequent security.