Lic Efeap Full 2021 Form Info

Once cleared, the system generates an electronic FPR containing the policy number, commencement date, sum assured, and next premium due date. 3. Key Benefits of LIC EFEAP

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.

Handles premium collections, commission payments for agents, and bonuses for policyholders. lic efeap full form

[Proposal Form Submitted] │ ▼ [Digital Payment via Agent/Portal] │ ▼ [EFEAP Backend Verification & Accounting] │ ▼ [Instant Generation of Digital FPR]

If a premium is paid digitally but requires manual verification due to a mismatch in names or policy numbers, it is tagged under an estimated electronic approval status until finalized. Once cleared, the system generates an electronic FPR

LIC's eFEAP is a sophisticated enterprise-grade application. Here are the key technical details:

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Through eFEAP, the Life Insurance Corporation of India (LIC) handles over 90% of its core transactional data, including customer profiles, agent hierarchies, and premium tallies. Key Operational Features of eFEAP

: Covers over 2,000 branch offices and 1,500+ satellite offices nationwide through a Wide Area Network (WAN). Scalability

Historically, physical ledgers and manual data entry delayed policy processing. EFEAP automates the accounting, matching the cash or digital payment instantly to the proposal form number.