Under Section 10(10D), maturity proceeds are tax-free if the premium paid in any year does not exceed 10% of the Sum Assured (for policies issued after 01/04/2012). LIC EFAP typically meets this condition for most age brackets.
Subject: Important Information About Your LIC EFAP Health Coverage
Dear Team,
We are pleased to remind/update you about the LIC Employee Facility Assurance Policy (EFAP) , our group health insurance plan designed to provide financial protection for you and your family.
Key Highlights of LIC EFAP:
How to File a Claim:
Need Help? Contact our HR/Admin team or LIC’s EFAP helpline: (Insert number).
Stay healthy, stay covered!
Best regards, (HR Team)
If at least 2 full years’ premiums are paid and subsequent premiums are not paid:
Enhance your coverage with these optional riders (extra premium applies):
| Rider Name | Benefit | |------------|---------| | LIC’s Accident Benefit Rider | Additional Sum Assured on accidental death or total permanent disability | | LIC’s New Term Assurance Rider | Extra life cover without additional savings component | | LIC’s Critical Illness Rider | Lump sum on diagnosis of specified critical illnesses (cancer, heart attack, etc.) |
Note: Riders increase premium but significantly boost protection. lic efap
No. It is a non-linked guaranteed savings plan, unaffected by stock market movements.
Based on the acronym "lic efap", the most relevant full feature is "Local Interface Control - External Feature Access Protocol."
However, this acronym often appears in technical logs or shorthand. Here are the most likely interpretations depending on the specific industry:
Suppose an LIC officer had a last drawn basic pay + DA = ₹48,000 per month.
50% of that = ₹24,000.
The family will receive ₹24,000 per month for 7 years + the lump sum of ₹2 lakh. Under Section 10(10D), maturity proceeds are tax-free if