Form 14 EPF / Lic premium can be done from EPF account

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 Hello friends, today I would like to wish with another beautiful news. Today I read in the newspaper that LIC premium can be done from EPF account if you are going through financial difficulties.




Looks like a good news, but how to do it, let me tell you

Actually, under the EPF scheme 1952, the EPF account holder can pay the premium of the life insurance policy through EPF advance. For this, Form-14 will have to be submitted to the Employees' Provident Fund Organization (EPFO). The amount in the EPF account at the time of submitting this form should be equal to your two years' LIC premiums. EPF account holders can avail this facility only once.

What does the consultant say about this?

Balwant Jain, Tax and Nebesh Advisor says that here is a gift for those people who had to face financial problems due to the pandemic. Both LIC and EPF are important for a professional, but use this facility only in financial crisis.

 Form 14(Everyone can download this)

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