PF Account-LIC Policy Link: Big news for PF Account holders. Government and private sector employees rely on both PF and LIC for their pension and financial security. The convenience of using both in combination provides greater protection for the employee.
Auto-deduction of policy premiums
When a PF account is linked to LIC, if the policy premium is not paid on time for any reason, the amount is deducted directly from the PF account. This eliminates any interruption in policy linking.
Double financial security: Linking PF and LIC provides employees with additional insurance protection under the EDLI (Employees Deposit Linked Insurance) scheme. In the event of accidental death, the family receives an amount ranging from Rs 2.5 lakh to Rs 7 lakh. The claim process is simplified. Linking your LIC policy and PF account speeds up claim verification. This reduces the need for paperwork and allows the process to be completed digitally.
Nominate only one person: There should be only one nominee for the policy and PF account so that there is no inconvenience in claiming and the amount goes directly to the family.
Online Linking Process
Visit the website https://epfindia.gov.in, login with UAN and password, select LIC policy in the KYC section, fill in the policy number and required details and submit.
Verification and Linking After verification by the employer or EPFO, the LIC policy will be linked to your PF account, making all the benefits active.
This linking strengthens the employee’s financial security cover, frees them from premium payment demands, and also simplifies and speeds up the claim process.