It is possible to finance your LIC (Life Insurance Corporation) policy through your PF (Provident Fund) account by using the EPFO’s (Employees’ Provident Fund Organisation) Insurance Scheme. Here are the steps you can follow:
- Check if your employer has subscribed to the EPFO’s Insurance Scheme. If not, request your employer to do so.
- Once your employer has subscribed to the scheme, check if you have completed at least one month of continuous service with the employer.
- Download and fill up Form 14 (Application for financing a life insurance policy out of Provident Fund account) from the EPFO website or get it from your employer.
- Submit the filled-up Form 14 to your employer along with a copy of your LIC policy and the premium receipt.
- After the employer approves the application, the premium amount will be deducted from your PF account and paid to LIC. This deduction will be made before the employer’s and employee’s contributions are calculated.
It is important to note that there are certain conditions and limitations for financing LIC policies through PF accounts, such as the maximum sum assured amount and the minimum years of contribution. Therefore, it is advisable to check the EPFO website or an authorized EPFO office for more details before applying for financing your LIC policy through your PF account.