| Parameter | LIC EFAP (Table 914) | LIC Jeevan Labh (Table 936) | LIC New Jeevan Anand (Table 915) | | :--- | :--- | :--- | :--- | | Premium Payment Term | Equal to policy term | Limited (16/25 years) | Equal to term | | Maturity Benefit | SA + Bonus | SA + Bonus | SA + Bonus + Accidental benefit equivalent to SA | | Death Benefit | SA + Bonus | SA + Bonus | SA + Bonus + SA again (double cover) | | Term Range | 12-35 years | 16/25 years only | 15-35 years |
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).
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. lic efap
| Feature | Specification | | :--- | :--- | | Plan Type | Endowment Assurance (Participating/With Profits) | | Entry Age (Min/Max) | 8 years (minimum) / 55 years (maximum) | | Policy Term | 12 to 35 years | | Maturity Age | Maximum 70 years | | Sum Assured (Min) | ₹1,00,000 (no maximum limit, in multiples of ₹5,000/₹10,000) | | Premium Payment | Regular (Yearly, Half-Yearly, Quarterly, Monthly) | | Premium Payment Term (PPT) | Equal to Policy Term (full payment) | | Grace Period | 15 days (monthly) / 30 days (yearly, half-yearly, quarterly) | | Free Look Period | 15 days from policy receipt | | Policy Loan | Available after 2 years for paid-up policies (subject to conditions) |
You can exit the policy before maturity. LIC EFAP acquires a surrender value after paying premiums for at least 2 full years. | Parameter | LIC EFAP (Table 914) |
On survival till the end of the policy term, the policyholder receives:
This lump sum can be used for retirement planning, children’s higher education, marriage, or purchasing a home. This lump sum can be used for retirement
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.
The HR department will give you Form EFAP-1 (or a similar claim form specific to your division).