: It comprises approximately 60 modules covering various business functions, including marketing, customer service, accounting, and new business operations.
LIC EFEAP is a traditional participating life insurance plan that combines life cover with a savings (endowment) element. It pays a lump sum on survival to the end of the policy term and a death benefit if the insured dies during the term. It also participates in bonuses declared by LIC.
: It serves as the main interface for LIC employees and agents to process insurance proposals, manage policy servicing, and handle renewals. lic efeap full form
The payment is made via net banking, UPI, debit/credit cards, or point-of-sale terminals.
RFP for Development of Data, Reporting and Analytics Solutions : It comprises approximately 60 modules covering various
Processing policyholder requests such as address changes, contact updates, and nomination adjustments.
4. Difference Between EFEAP (FPR) and Renewal Premium Receipts (RPR) It also participates in bonuses declared by LIC
Maintaining extensive records of policyholder data, agent hierarchies, and premium collections.
Provide financial assistance and administrative support for education of employees’ children/dependents, improving employee satisfaction and retention.
The platform instantly computes standard policy variables. It generates precise numerical sheets for revival quotations , loan values , and surrender values .
To understand EFEAP, you need to look back at LIC’s history. Before its establishment in 1956, life insurance was handled by over 245 private insurers. After nationalization, LIC became a massive public sector undertaking (PSU) employing hundreds of thousands of people.