If you are also an EPFO account holder, then there is great news for you. The EPFO department has made some changes in its rules. Under this new rule, EPFO has given the facility to the account holders to pay the premium of LIC from the PF account.
Let us tell, lakhs of people have lost their jobs during the Corona period. In such a situation, this change in the rules will give great relief to the people.
What is the process of withdrawing money
To withdraw money from PF in LIC, the new conditions of EPFO have to be followed. First of all you have to submit Form 14 of EPFO. After this, LIC’s policy and EPFO account will be linked together. In this way the account holder will be able to pay the premium of LIC.
Apart from this, you should have at least two months premium amount in your account when you are filling Form 14 of EPFO. With this, this facility has been given to the account holders only for the policy of LIC. This feature is not available for other companies. Account holders will not be able to deposit money from EPF account in any other policy.
EPFO made another big change
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 need to provide any documents in this process.
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