In point of fact, Corona and other factors have caused the loss of employment for lakhs of people. In circumstances like these, this modification to the rules will provide the people with some measure of respite.
How does one go about withdrawing money, and what are the three prerequisites? To be able to transfer money from provident fund (PF) to life insurance company (LIC), one must comply with the new EPFO rules. You are need to begin by submitting EPFO Form 14. Following this, the insurance held by LIC and the EPFO account will be connected to one another. The holder of the account will be able to make their LIC premium payment in this manner.
The second requirement is that you should have at least the equivalent of two months’ worth of premiums saved up in your account before you begin filling out Form 14 of the EPFO. The third and last requirement is that EPFO has provided this access to account holders exclusively for the purpose of LIC’s insurance policy. Other businesses are not permitted to use this facility under any circumstances. The money in the account cannot be transferred to any other policy, and account holders will not be able to do so.
The EPFO implemented yet another significant modification. If you are in need of financial assistance, the EPFO will now permit you to withdraw one lakh rupees from your provident fund (PF). During this stage of the process, you will not even be required to furnish any paperwork.