Lic Efap Info

Premium is calculated based on:

Example Premium (Illustrative – for healthy male, non-smoker):

GST: Applicable (currently 4.5% for first year + 2.25% for subsequent years under GST regime).

If at least 2 full years’ premiums are paid and subsequent premiums are not paid: lic efap

| Feature | Details | |---------|---------| | Plan Type | Non-Linked, Non-Participating, Individual Savings Plan | | Minimum Entry Age | 20 years (completed) | | Maximum Entry Age | 60 years (nearest birthday) | | Maximum Maturity Age | 75 years | | Policy Term | 10 to 20 years | | Premium Payment Term | Same as policy term (Regular Pay) | | Minimum Sum Assured | ₹2,00,000 | | Maximum Sum Assured | No upper limit (subject to underwriting) | | Premium Payment Frequency | Yearly, Half-yearly, Quarterly, Monthly (ECS/NACH) |

One of the most attractive features of LIC EFAP is the Guaranteed Additions credited at the end of each policy year. These are fixed amounts per ₹1,000 of Sum Assured, depending on the policy term:

These additions accumulate and are payable along with the Sum Assured on maturity or death. Premium is calculated based on:

| Feature | LIC EFAP (861) | LIC Jeevan Labh (Plan 836) | LIC Jeevan Umang (Plan 945) | |---------|----------------|----------------------------|------------------------------| | Participation | Non-Participating | Non-Participating | Participating (with bonuses) | | Returns | Guaranteed Additions | Guaranteed Additions + FAB | Reversionary + Final bonus | | Term | 10–20 years | 10–16 years | 100 years minus entry age | | Premium Paying Term | Same as policy term | Same as policy term | Limited pay (e.g., 15, 20 yrs) | | Maturity Age | Max 75 | Max 75 | Max 100 (whole life) | | Ideal for | Mid-term savings | Short-to-mid term savings | Lifetime income & legacy |

Verdict: EFAP is ideal for employees looking for guaranteed, simple, and transparent returns without market risk.

Guaranteed Surrender Value (GSV):
50% of total premiums paid (excluding taxes, rider premiums) after 2 years. GST: Applicable (currently 4

Special Surrender Value (SSV):
Calculated as (Paid-up Value + Accrued Bonuses) × Surrender Value Factor (based on policy term completed).

Higher of GSV or SSV is paid on surrender.

| 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 |