((better)): Lic Efap

Note: While LIC had a specific plan branded "EFAP" (Endowment with Profit Annually) in its portfolio, it is often a variant of the standard LIC Endowment Plan (Plan No. 914 for Table 914) or a specific term rider. For the purpose of this detailed report, I will outline the LIC Endowment Plan (Table 914) which is the direct successor to the old "EFAP" concept—offering annual reversionary bonuses plus a final additional bonus.

What is LIC EFAP?

LIC EFAP stands for LIC’s Employee’s Guaranteed Savings Plan. It is a with-profit (non-participating) plan, which means the benefits are guaranteed and declared at the time of policy purchase, not dependent on market fluctuations or bonus declarations. lic efap

The primary objective of this plan is to provide a disciplined savings avenue for employees, ensuring a lump sum amount at maturity while covering the life assured against unforeseen events. The plan also offers high Sum Assured rebates, making it cost-effective for mid-to-high-income earners. Note: While LIC had a specific plan branded

2. For Government Employees

Can align maturity with retirement age (e.g., policy ends at 60).
Tax-free maturity adds to retirement corpus.
Simple nomination and assignment features for family security.

Step 4: Verification & Approval

The divisional office verifies service records and nomination details. This takes about 15–30 days. What is LIC EFAP

13. Pros & Cons

Definition

EFAP (commonly Employee Assistance Program, EAP) is a workplace program offering confidential support to employees and their families for mental health, counseling, financial/legal advice, and crisis support.

Frequently Asked Questions (FAQ) about LIC EFAP

Sample EFAP policy (summary)

Coverage: all full-time employees and up to 4 dependents.
Services: 6 free counseling sessions per person per issue; 24/7 crisis hotline; legal & financial consultations (3/year).
Confidentiality: counselors report only aggregated metrics; individual records not shared without consent unless safety risk.
Referral: HR handles workplace referrals; self-referral via portal allowed.
Reporting: quarterly anonymized utilization and outcomes to HR/stakeholders.

4. Eligibility Conditions