Can I pay LIC premium from EPF Balance?

LIC Insurance Forum – Questions & AnswersCategory: General QueryCan I pay LIC premium from EPF Balance?
Pradeep asked 2 years ago

Hello Sir,
I am retired Govt employee and have a good amount of money in my EPF account. Can I pay my lic policies premium using my EPF balance?
In that case, can I get income tax benefit for paying my LIC policy premium from EPF money?

1 Answers
Santanu Staff answered 2 years ago

Yes, you can pay your lic policy premium from your EPF balance as well. Few years ago only the decision has come that people who are willing to subscribe to Varishta Pension Bima Yojna (VPBY) from LIC of India can withdraw their EPF money to pay the lumpsum premium to buy LIC pension plan.