Facing cash crunch? In case you are unable to pay your premium, you can now finance for yourself LIC Insurance premium Using the money in your employees Provident Fund ,EPF) Accounting. This facility is available at the time of purchasing the LIC policy or while paying the premium thereafter.

You can instruct the EPFO ​​to pay the LIC premium at the time of purchase or any time after the initial premium payment by filling Form 14.

Form 14 is an application for financing of life Insurance Policy with LIC using your contribution to EPF account, which you can access from EPFO ​​website. Your LIC premium will be deducted from your EPF account on or before the due date after your application is processed.

You form 14. can reach
Here,

Now, let us see how to get advance from EPF for LIC premium payment.

Who is eligible to avail this advance

For making LIC premium payment from EPF accounts, Form 14 should be submitted to EPFO, and subscriber’s EPF balance should be equal to LIC premium amount for at least two years.

What EPF Form 14 says:

a) I have been a member of the fund for a minimum period of two years which is the minimum period to be eligible for financing an insurance policy from the fund.

b) The amount standing to my credit in my EPF account (my own share) is ………. Which is enough to pay LIC for two years.

c) my annual contribution to the fund is Rs…………. which is sufficient to pay my annual premium;

d) I also propose to nominate the same person for PF

The person shall additionally state that the policy is free of any encumbrances and that the content of the policy proposal submitted is accurate.

Here are the policy details mentioned in Form 14:

1) Address of the branch office or unit life insurance corporation Where the Policy Account* to be maintained

ii) Policy/Proposal Number and Date

iii) Sum Assured/Proposal to be Insured

iv) Likely date of purchase

v) Whether the offer has been accepted and if so, the date by which the first premium is to be paid

vi) The amount of annual premium.

vii) Due date(s) for payment of premium.

ix) Date of payment of last premium.

x) Whether age is accepted. If not, mention the nature of proof submitted to Life Insurance Corporation

xi) Name of the person nominated under section 39 of the Insurance Act, 1938

xii) Guardian appointed under section 39 of the Insurance Act, 1938, if any, in respect of a minor nominee.

xiii Details of any previous policy already signed to CBT

Or

“Certified that I have not previously withdrawn any amount from my provident fund account for financing any insurance policy”