Insurance Policy Premium: Insurance has become necessary for everyone in the present time. Insurance proves to be very helpful in dealing with future disasters. Insurance helps the family financially in difficult times. If you want to run the insurance, then you have to keep paying the premium continuously. If there is a delay in paying the premium due to any reason, then the policyholder has to pay a penalty for it.
At the same time, it happens many times that the policyholder does not have money to deposit the premium, but if you are a subscriber of EPFO, then undoubtedly you will be contributing. In such a situation, you will not have to take any kind of tension to deposit the premium.
This facility is provided by LIC
Let us tell you that EPFO provides funds to its members to pay the premium. But you should keep in mind that the insurance taken by you should be in LIC. If your insurance is not taken by LIC. Then you cannot take advantage of this facility. On the other hand, if the premium taken by you is taken by LIC, then you will be able to easily take advantage of this facility. However, for this, you will have to link your EPF account with LIC. Along with this, some rules will also have to be followed.
Premium money will be deducted directly from EPFO account
On the other hand, if you want to deposit the premium from the EPF account, then you will have to first fill Form 14. You can get this form from the EPFO website. In this form, you have to fill all the details. After the application is approved, the premium amount of LIC policy will be automatically deposited from your EPF account on or before the due date.
Insured persons should keep these things in mind
Let us tell you that if you want to take advantage of this facility, then you should be a member of EPFO for at least 2 years. If you have not completed 2 years, then you will not be able to take advantage of this facility at all. At the same time, you have to keep in mind that if you go to fill Form 14, then it is necessary to have premium money of about 2 years deposited in your PF account.