EPFO Allows LIC Premium Payments Directly From PF Account: Avoid Policy Lapses

• EPFO members can pay LIC policy premiums directly from their EPF accounts under Paragraph 68(DD) of the EPF Scheme.
• Eligibility requires an active EPF account with a minimum two months' salary balance, and the LIC policy must be in the member's name and issued by LIC only.
• Only the exact premium amount can be withdrawn annually, impacting retirement savings, so frequent use is discouraged.
• The process involves submitting Form-14, logging into the EPFO website, linking the LIC policy, and the premium will be automatically deducted.
• Benefits include avoiding policy lapses, no need for loans during financial emergencies, and a completely online process, but it's only for annual premiums.

Why It Matters: EPFO offers a facility to pay LIC premiums from EPF accounts, providing a safety net against policy lapses.