It is the core operational software platform used by LIC for its insurance business operations. Some sources also refer to it as the Employee's Front End Application Program Key Features of LIC EFEAP Operational Core
If you are not an LIC employee, you might wonder: “Why should I read about LIC EFEAP full form?” Here’s why:
: The system is highly decentralized, with 125 separate instances deployed across LIC's divisional, zonal, and central offices.
Before eFEAP, policyholders often had to pay premiums at their specific home branch. Today, eFEAP allows you to walk into any LIC branch in India to deposit your premium or check your policy status. Enhanced Security and Auditing lic efeap full form
The phrase does not correspond to a standard or widely recognized term in English, finance, insurance, or common acronym databases.
Employees cannot opt out of EFEAP. A fixed percentage (or a fixed amount) of the employee’s monthly salary is deducted as a contribution toward this plan.
The – represents more than just an acronym. It symbolizes LIC’s commitment to its human resources. For over five decades, this plan has provided a dual benefit: financial security to families in times of crisis and a retirement nest egg for the employees themselves. It is the core operational software platform used
Because the application processes significant financial transactions, LIC integrates eFEAP with advanced security systems. The platform uses alongside employee login credentials to prevent unauthorized data manipulation or fraud. The Evolution: Transitioning to eFEAP-NEXT
First, it's important to clarify what eFEAP is. At its most basic level, eFEAP is the IT backbone of LIC. Here’s a breakdown of its full form and what it really means:
(Endowment Family Plan) or E-FAP (Electronic Family Accumulation Plan) Today, eFEAP allows you to walk into any
If the policy requires further medical tests or moral hazard reports, EFEAP will hold the payment in a 'Proposal Deposit' status until the underwriters clear the case.
Seeing EFEAP on your account statement is completely normal and is not a cause for panic. 1. Payment Acknowledgment
What is the current (In-force, Lapsed, or Grace Period)?
: Direct generation of policy status reports, loan quotations, and revival quotations. Administrative Tasks : Handling change of address requests and premium payments. Operational Efficiency
The eFEAP software is designed to streamline complex insurance processes into a simple, menu-based interface. Its main functions include:
