Linking your PF account to an LIC policy provides the benefits of premium auto-deduction, double financial protection, and a simple claims process. This feature is especially beneficial for those who forget to pay premiums or face a sudden shortage of funds.
LIC Policy Link PF Account: If you are employed and have a PF (Provident Fund) account, linking it to an LIC policy can be very beneficial. This is an easy way to increase your financial security and reduce future problems.
The combination of PF and LIC not only protects your funds but also makes the insurance claim process faster and simpler. Let’s explore the benefits of linking your PF account with an LIC policy and how to do it online.
Benefits of Linking Your PF Account to an LIC Policy
The biggest advantage is that if, for some reason, you are unable to pay your LIC policy premium on time, the amount will be automatically deducted from your PF account. This ensures that your policy will never lapse and you will continue to receive its benefits. This feature is especially beneficial for those who forget to pay premiums or suddenly run out of money. This way, your insurance policy remains active and you don’t have to worry.
Double financial security
Another advantage is double financial security. When your PF account is linked to LIC, you get the additional benefit of the Employee Deposit Linked Insurance (EDLI) scheme. In the event of an employee’s sudden death, their family can receive an insurance amount ranging from ₹2.5 lakh to ₹7 lakh. This amount can be a significant support for the family, especially during difficult times. This facility is available free of charge to PF account holders, further strengthening their financial security.
Claim Processing is Easier
Third, the claim process becomes much easier. When PF and LIC are linked, insurance claim verification is faster. There’s no need to submit numerous documents. Most of the work is done digitally, saving both time and effort. It’s also important to nominate the same person for your PF account and LIC policy. This eliminates any hassles during claims, and the amount is transferred directly to the nominee’s account.
How to Link Your PF Account to an LIC Policy
Now let’s discuss how to link your PF account to an LIC policy. This process is very simple and can be completed online. First, you need to visit the EPFO website, epfindia.gov.in, and log in with your UAN number and password. Then, go to the KYC section and select the LIC policy option.
Fill in your policy number and the required information and submit it. Your employer or the EPFO will then verify the information.
Once the verification is complete, your PF account will be linked to your LIC policy. You will then be able to take advantage of all these benefits. This linking is a smart move for you and your family. It not only protects your insurance policy but also provides financial support to your family during difficult times.
The post LIC Policy Link PF Account: Linking your LIC policy to your PF account offers significant benefits; here’s the complete linking process. first appeared on informalnewz.
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