Demystifying LIC eFEAP: The Engine Behind India’s Insurance Giant
LIC is currently moving toward a more advanced version of this system, often referred in official documents as e-FEAP Next or "NextGen" platforms. These modernization efforts include:
Unlike pure term insurance, EFEAP combines a death benefit with a maturity benefit. If the employee survives until retirement/leaving service, they receive the accumulated corpus. If they die in service, the family receives the sum assured + bonuses. lic efeap full form
Administrative Tasks: Handling change of address requests and other on-demand customer services. Why is it Important for You?
Front-End Application Package (FEAP): This was the original software package implemented by LIC to handle branch-level operations. Why is it Important for You
Policy Servicing: Used for processing loans, maturity payments, surrender quotations, and revival quotations.
Policy Servicing: Generating status reports, revival quotations, and loan quotations for policyholders. Policy Servicing: Generating status reports
: Enables on-demand services such as policy status reports, loan and revival quotations, and change of address. Operational Efficiency