Lic Efap Here
LIC EFAP allows attaching the following riders (additional premium):
Riders are subject to conditions and increase the total premium.
| 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) | lic efap
Pro tip: Keep multiple copies of all documents. Follow up with the HR/Admin department every 2 weeks.
In case of unfortunate death of the policyholder during the term, the nominee receives: LIC EFAP allows attaching the following riders (additional
The death benefit ensures that the family’s financial goals are not derailed by the loss of the primary earner.
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. Riders are subject to conditions and increase the
Yes, unless the employee’s service rules specifically exclude suicide (generally LIC does not exclude it after 1 year of service). However, always confirm with HR.
No product is perfect. Consider these points before investing:
