You can ask EPFO ââto pay the LIC premium at the time of purchase or at any time after payment of the initial premium by completing form 14.
Form 14 is an application for financing a life insurance policy from LIC using your contribution to the EPF account, which you can obtain from the EPFO ââwebsite. Your LIC premium will be deducted from your EPF account at the latest on the due date once your request has been processed.
You can access form 14 here:
Now let’s see how to benefit from the EPF advance for LIC premium payments.
Who can benefit from this advance
Form 14 must be submitted to EPFO ââin order to make LIC premium payments from EPF accounts, and the policyholder’s EPF balance must be at least two years of the LIC premium amount.
This is what the EPF Form 14 says:
a) I have been a member of the fund for a period of at least two years which is the minimum period to be eligible for the financing of the insurance policy by the fund.
b) The amount to my credit on my EPF account (my own share) is Rs â¦â¦â¦ .. to â¦â¦â¦â¦. This is sufficient to make payments to LIC for two years.
c) My annual contribution to the fund is Rs â¦â¦â¦â¦â¦ which is sufficient to pay my annual premiums;
d) I also propose to appoint the same person as for the PF
The person must further declare that the policy is free of any charge and that the content of the policy proposal presented is correct.
Here are the details of the policy to be mentioned in Form 14:
1) Address of the branch or unit of the Life Insurance Company where the policy account * is to be kept
ii) Policy / proposal number and date
iii) Amount insured / proposed to be insured
iv) Probable date of purchase
v) If the proposal was accepted and if so, on what date the first premium must be paid
vi) Amount of annual bonuses.
vii) Due date (s) for premium payment.
ix) Date of payment of the last premium.
x) If the age has been accepted. Otherwise, indicate the nature of the proof presented to the Life Insurance Company
xi) Name (s) of nominee (s) under section 39 of the Insurance Act, 1938
xii) Guardian appointed under section 39 of the Insurance Act of 1938 in respect of minor applicants, if applicable.
xiii Details of any previous policies already signed at C BT
“Certified that I have not withdrawn any amount before to finance an insurance policy on my account of the Provident Fund”