Lic Efap ((free)) ❲COMPLETE - 2024❳
LIC EFAP (Employee’s Guaranteed Savings Plan): A Complete Guide to Benefits, Eligibility, and Returns
When it comes to securing financial stability, Life Insurance Corporation of India (LIC) has always been a trusted name. Among its diverse portfolio of policies, the LIC EFAP—officially known as the LIC’s Employee’s Guaranteed Savings Plan (Plan No. 861) —is a unique, non-linked, non-participating individual savings life insurance plan.
Unlike standard term plans or ULIPs, LIC EFAP is specifically designed to cater to the savings and protection needs of salaried employees. Whether you are a private sector worker or a government employee, understanding the nuances of LIC EFAP can help you make an informed decision for long-term wealth creation and family security.
In this comprehensive guide, we will dissect every aspect of LIC EFAP: features, eligibility, maturity benefits, rebates, loan facilities, and how it compares to other savings plans. lic efap
2. What if there is no nominated family member?
If no spouse or child exists, the amount goes to the legal heir as per succession law. However, monthly assistance is paid only to a dependent family member (spouse/minor children).
1. For Private Sector Employees
- No market risk – guaranteed returns help in predictable financial planning.
- High rebates make large Sum Assured affordable.
- Loan facility provides liquidity during job transitions.
5. Premium Calculation & Mode
Premium is calculated based on:
- Age at entry
- Policy term
- Sum Assured
- Mode of premium payment
Example Premium (Illustrative – for healthy male, non-smoker):
- Age: 30 years, Sum Assured: ₹5,00,000, Term: 20 years
- Yearly premium (excluding taxes & GST): Approx. ₹12,000 - ₹15,000
GST: Applicable (currently 4.5% for first year + 2.25% for subsequent years under GST regime). LIC EFAP (Employee’s Guaranteed Savings Plan): A Complete
8.2 Revival
Within 5 years from first unpaid premium date, policy can be revived by paying all due premiums + interest (as specified by LIC). After 5 years, policy lapses permanently.
