Do you know you can make your LIC premium payment through your PF account. But most of the EPF subscribers don’t aware about this. In order to make LIC premium payment through our PF account, we need to fill PF form 14. This form is also known as Application For Financing A Life Insurance Policy Out Of The Provident Fund Account. Here you can get complete details on how to fill PF form no 14 and you can also find sample filled PF Form 14.
Some Important Ponts To Pay LIC Premium From PF
Minimum Two years of EPF contribution is required to pay LIC premium from EPF corpus.
If there is no funds in EPF amount then Employee Provident Fund Organization will stop paying LIC premium amount. So it is the responsibility of EPF subscriber to check whether his or her PF account has sufficient funds.
Employer attestation is required on PF Form 14.
Sample Filled PF Form 14 | How To Fill PF Form No 14
EPF form number 14 consists 3 pages and required details like EPF subscriber name, relationship details, employer name, LIC policy number, premium amount, Insurance Sum Assured etc.
Sample Filled EPF Form 14 Page 1
Sample Filled PF Form 14 Page 2
Sample Filled EPF Form 14 Page 3
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But as per my opinion, it is not recommendable to pay LIC premium through PF amount. Because EPF is a retirement benefits scheme, which will be useful when an employee retires from his or her job. Unless there is no alternative then only use this as a last option and as I said earlier EPFO can’t make payments when there are fewer funds in employee PF account and EPFO is not responsible for late payments. Do share your opinions and doubts on sample filled PF form 14 in below comments section.