The move to eFEAP marked a major step in LIC's IT modernization. It allowed for the centralization of various systems, including those for Unit Linked Insurance Plans (ULIPs), which simplified management and reporting. The centralized architecture also paved the way for integrating eFEAP with other modern systems, such as Enterprise Document Management Systems (EDMS), which digitally store important documents and images related to policies.
Automated modules for claims and loans reduce human error and time lags.
: Employees can quickly pull up customer profiles to log changes, update nominee details, or edit addresses.
Manages cash and check collection at front counters, processing premium receipts and regular collections.
If you have ever visited a Life Insurance Corporation of India (LIC) branch or interacted with an agent, you have witnessed one of the largest financial databases in India at work. Behind every premium receipt, policy status update, and maturity claim is a powerful backend software system. At the heart of LIC’s digital infrastructure is . What is the Full Form of LIC eFEAP? lic efeap full form
The full form of in LIC is Extended Financial Enhanced Adjustment Process (or alternatively referred to in some digital billing modules as the Electronic Fund Extended Adjustment Process ).
To get the exact meaning, check the where you saw "LIC EFEAP." Look for:
Introduced around 2010 and running primarily on the Linux platform, eFEAP was designed to centralize data across LIC's vast network of offices. It serves as the primary interface for almost all internal business activities.
To bridge the gap between retirement benefits and life cover, . It ensures that an employee’s family receives a lump sum amount in case of the employee’s untimely death, while also creating a forced savings corpus for the employee’s own future. The move to eFEAP marked a major step
Replacing legacy systems with a modern core insurance application.
A comprehensive suite of software modules designed to handle distinct insurance tasks. The Evolution: From FEAP to eFEAP
The eFEAP software is not just a single program; it is a collection of integrated modules. Each module handles a specific department within an LIC branch.
In the 1970s and 1980s, the Indian government and LIC management realized that standard market policies were insufficient to retain talent and provide long-term financial security to employees. Unlike government employees who had the General Provident Fund (GPF) and pension, LIC employees contributed to the . Automated modules for claims and loans reduce human
: The system enables branches to provide on-demand services such as policy status reports, revival quotations, and loan quotations. Standardization
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Think of eFEAP as the of the Life Insurance Corporation of India. It is the primary software used by LIC employees and agents to manage nearly every aspect of your life insurance policy. Key functions of the eFEAP system include: