Many people confuse EFEAP with LIC’s popular retail plans. Here’s a comparison:
| Feature | LIC EFEAP | LIC Jeevan Labh (Retail Endowment) | | :--- | :--- | :--- | | Availability | Only LIC employees | General public | | Premium Mode | Monthly salary deduction | Yearly, half-yearly, quarterly, monthly | | Underwriting | No medical checkup (group basis) | Medical tests often required | | Bonus Rates | As declared for group fund | As declared for individual with-profits fund | | Surrender Value | Limited; often only employee’s contribution | Guaranteed surrender value after 2 years | lic efeap full form
While the specific monetary limits are revised periodically via internal circulars, the core features typically include: Many people confuse EFEAP with LIC’s popular retail plans
Since LIC is a profit-making entity, the corporation often declares loyalty additions or terminal bonuses on the EFEAP corpus based on the employee’s length of service and the fund’s performance. Often, the EFEAP payout at retirement is a
EFEAP works in tandem with LIC’s Group Superannuation Scheme (pension fund). Often, the EFEAP payout at retirement is a substantial lump sum that supplements the pension.