Lic Efap

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| Section | Benefit | | :--- | :--- | | | Premium paid (up to ₹1.5 lakh per year) deductible from taxable income. | | Section 10(10D) | Maturity/death claim proceeds are tax-free (subject to conditions: premium ≤ 10% of sum assured for policies issued after 1 April 2012; for policies issued after 1 April 2023, limit is 15% of sum assured). | lic efap

Under Section 10(10D), maturity proceeds are 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. We hope you found this information helpful

Guaranteed additions continue to accrue on the reduced paid-up SA. | | Section 10(10D) | Maturity/death claim proceeds