LIC and EFEAP seem to be acronyms you're interested in. Let's break them down:
Typical exclusions and considerations
- Suicide clause: If insured commits suicide within a stipulated period (usually 12 months), limited benefits or refund of premiums only may apply (policy terms vary).
- Lapse: Failure to pay premium within grace period can lead to policy lapse; reactivation may be possible within revival period with conditions.
- Inflation: Fixed-sum assured endowments may not keep pace with inflation; consider riders or higher cover for adequate protection.
- Taxation: Premiums and benefits may have tax implications under local tax laws—confirm current tax treatment.
Common Questions About LIC EFEAP (FAQ)
1. Is LIC EFEAP mandatory or voluntary?
Mandatory for all eligible permanent employees. You cannot opt out.
What is LIC E-FEAP?