If you are also an EPFO account holder (PF account holders), then there is good news for you. EPFO department has made some changes in its rules. Under this, the PFO has given the facility to the account holders to pay the premium of LIC from the EPF account.
Actually, lakhs of people have lost their jobs due to Corona and job loss. In such a situation, this change in the rules will give relief to the people.
What is the process of withdrawing money and three conditions To withdraw money from
PF to LIC, the new conditions of EPFO have to be followed. First you have to submit Form 14 of EPFO. After this, LIC’s policy and EPFO account will be linked to each other. In this way the account holder will be able to pay the premium of LIC.
The second condition is that when you are filling Form 14 of EPFO, then you should have at least two months’ premium amount in your account. The third condition is that EPFO has given this facility to the account holders only for the policy of LIC. This facility is not available for other companies. Account holders will not be able to deposit money from the EPF account in any other policy.
EPFO made another big change,
While under the new rules of EPFO, if you need money, then EPFO will allow you to withdraw one lakh rupees from PF. You will not even need to provide any documents in this process.