Pay LIC Premium from EPF Account: Avoid Lapses, Know How!

• EPFO members can pay LIC premiums directly from their EPF account under Para 68(DD) to prevent policy lapsing.
• Eligibility requires an active EPF account with at least two months' salary balance and an LIC policy in the member's own name.
• Only the exact premium amount can be withdrawn annually; it impacts your retirement fund and is meant for LIC policies only.
• Process involves submitting Form-14, logging into EPFO website, updating KYC, linking the LIC policy, and enabling automatic deductions.
• This facility offers benefits like preventing delays and avoiding emergency loans, but should be used as a backup, not a regular habit.

Why It Matters: Use your EPF account to pay LIC premiums in emergencies, but prioritize retirement savings.