PF-LIC Linking : Life and financial security are crucial in every sector, whether private or government, because money is needed for everything. Therefore, it’s important to prioritize this. In such a situation, linking your PF account with your LIC is an excellent option to double this security. This not only simplifies premium payment but also provides additional insurance coverage. In recent years, the EPFO has simplified this process so that PF account holders can link PF and LIC without any hassle. So, let’s learn about the process and its benefits.
Why link PF with LIC?
In India, both PF and LIC are trusted institutions for financial security. While PF secures our retirement savings, LIC provides life insurance that serves us both during and after life. Linking the two creates a double layer of security for employees and their families. Furthermore, it provides greater long-term benefits.
One of its highlights is that it significantly simplifies the withdrawal process, as employees no longer need to verify documents twice, allowing them to access their savings easily. Furthermore, the nominee is the same person, whether it’s for PF or LIC, reducing unnecessary confusion. One of the biggest advantages of linking these two accounts is that it prevents your LIC policy from lapsing. If you ever forget to pay an installment, it’s deducted directly from your PF account.
How to link PF and LIC?
1. To do this, first visit the EPFO’s official website, epfindia.gov.in.
2. Log in by entering your Universal Account Number (UAN) and password.
3. Then, go to the KYC section and add the LIC policy option.
4. Then, enter the LIC policy number and fill in the remaining required details.
5. Finally, submit the request.
After submission, your employer or EPFO will verify all the details. Your LIC policy will then be linked to your PF account, and all its benefits will be activated.