Lic Efap [2021] 🎁 Hot

I’m not sure what "lic efap" refers to — I’ll assume you mean "LIC EFAP" (Life Insurance Corporation — Employee Family Assistance Program) or "LIC" (Life Insurance Corporation) and "EFAP" (Employee Assistance Program). I’ll prepare a detailed article covering both possible meanings: an overview of LIC, and a thorough guide to EFAP (purpose, services, implementation, benefits, challenges, and sample policy). If you meant something else, tell me the intended term and I’ll adjust.

4. Does EFAP apply to death by suicide?

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. lic efap

Benefits Under LIC EFAP

This is where EFAP truly helps families. The benefits are structured to provide both immediate lump sum support and long-term monthly assistance. I’m not sure what "lic efap" refers to

| Benefit Component | Details | |---|---| | Immediate Lump Sum | ₹2,00,000 (two lakh rupees) paid to the nominee within a few weeks of death. | | Monthly Family Assistance | 50% of the deceased employee’s last drawn basic pay + dearness allowance (subject to a minimum of ₹5,000 and maximum of ₹30,000 per month). | | Duration of Monthly Payout | Paid for 7 years from the date of death. | | Children’s Education Allowance | Additional allowance for up to two children until they turn 21 or complete graduation, whichever is earlier. | | Medical Reimbursement | Family continues to get medical benefits as per LIC’s rules for 7 years. | Benefits Under LIC EFAP This is where EFAP

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.

2. Death Benefit

In case of unfortunate death of the policyholder during the term, the nominee receives:

• Sum Assured on Death = Higher of (Basic Sum Assured) or (7 times the annualized premium)
• Plus Accrued Guaranteed Additions

The death benefit ensures that the family’s financial goals are not derailed by the loss of the primary earner.