Pay LIC Premiums from PF Account: EPFO Offers Lifeline for Policyholders

• EPFO allows members to pay LIC policy premiums directly from their EPF account under Paragraph 68(DD) of the EPF Scheme.
• This facility helps prevent LIC policies from lapsing due to financial constraints, ensuring continued life insurance coverage.
• Eligibility requires an active EPFO membership, at least two months' PF contributions, and the LIC policy must be in the member's name.
• Only the exact premium amount can be withdrawn, impacting the retirement fund; this is primarily for annual premium payments.
• To use this, submit Form-14, link the LIC policy via the EPFO website by updating KYC with policy details, enabling automatic payments.

Why It Matters: EPFO enables members to pay LIC premiums from their PF account, securing policies and providing financial relief.