Lic Efap Work 🔔

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.

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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.

Designing an EFAP: components

1. Governance
   • Steering committee with HR, legal, occupational health.
2. Scope
   • Define who’s covered: employees, dependents, retirees.
3. Services
   • Counseling (in-person/telephonic/online), crisis management, referrals, digital resources.
4. Access channels
   • 24/7 hotline, app/portal, scheduled sessions, manager referrals.
5. Confidentiality
   • Clear policy: confidentiality limits, data handling compliance (e.g., local laws).
6. Provider network
   • Accredited counselors, EAP vendor, clinical oversight.
7. Training
   • Manager training to recognize issues, mental health awareness.
8. Promotion
   • Launch communications, posters, periodic reminders.
9. Measurement
   • KPIs: utilization rate, employee satisfaction, absenteeism, ROI.
10. Budgeting
    • Per-employee per-year costing; include vendor fees, platform costs, promotion.

LIC EFAP (Employee’s Guaranteed Savings Plan): A Complete Guide to Benefits, Eligibility, and Returns

When it comes to securing financial stability, Life Insurance Corporation of India (LIC) has always been a trusted name. Among its diverse portfolio of policies, the LIC EFAP—officially known as the LIC’s Employee’s Guaranteed Savings Plan (Plan No. 861) —is a unique, non-linked, non-participating individual savings life insurance plan.

Unlike standard term plans or ULIPs, LIC EFAP is specifically designed to cater to the savings and protection needs of salaried employees. Whether you are a private sector worker or a government employee, understanding the nuances of LIC EFAP can help you make an informed decision for long-term wealth creation and family security. lic efap

In this comprehensive guide, we will dissect every aspect of LIC EFAP: features, eligibility, maturity benefits, rebates, loan facilities, and how it compares to other savings plans.

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Benefits and ROI

• Reduced absenteeism and presenteeism, lower health/disciplinary claims, improved retention, better workplace morale.
• ROI: studies often show 2–4x return via reduced turnover and productivity gains (use vendor data for estimates).

8. Paid-Up & Revival

Option 2: FAQ for Employees

Q1: What is LIC EFAP? LIC EFAP is a group mediclaim policy that reimburses hospitalization expenses for employees and their families. It is NOT a life insurance policy—it is a health insurance plan. Note: While LIC had a specific plan branded

Q2: Who is covered under LIC EFAP?

• Employee
• Spouse
• Up to 2 dependent children (usually up to age 21 or 25)
• Dependent parents (sometimes subject to sub-limits)

Q3: What is covered?

• Room & boarding (up to a specified limit, e.g., 1% of sum insured per day)
• ICU charges
• Surgeon, anesthetist, consultant fees
• Medicines, blood, oxygen, etc.
• Ambulance charges (usually up to ₹2,000 per hospitalization)
• AYUSH treatments (if specified)

Q4: What is NOT covered?

• Pre-existing diseases during the first year (check policy)
• Dental treatment (unless accidental)
• Cosmetic surgery
• Non-allopathic treatments unless specified
• OPD (Outpatient Department) expenses – prescription medicines without hospitalization

Q5: Do I need to pay a deductible? EFAP may have a co-pay clause (e.g., 10-20% for parent coverage). Check your policy document. Can align maturity with retirement age (e

Q6: How do I get a health card? Request HR to issue your LIC EFAP e-card or physical card. You can also download it from LIC’s group portal if enabled.

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Step 3: Submit Required Documents

Attach the following:

• Death certificate (original + copy)
• Employee’s LIC ID card
• Nominee’s identity proof (Aadhaar, PAN, bank passbook)
• Relationship proof (if nominee is not a spouse – e.g., child, parent)
• Cancelled cheque for ECS transfer