Lic Efeap Full Form Portable May 2026

In the context of the Life Insurance Corporation of India (LIC) , the full form of Front End Application Package licindia.in What is LIC FEAP?

FEAP is a comprehensive software suite used by LIC to automate and streamline branch operations. It was designed to enhance customer experience by moving from manual processes to digital, real-time data management. licindia.in Key Functions and Services According to LIC's Official IT Guide , the application package enables the following: Policy Servicing

: Direct generation of policy status reports, loan quotations, and revival quotations. Administrative Tasks : Handling change of address requests and premium payments. Operational Efficiency lic efeap full form

: Speedy completion of new policy proposals and faster dispatch of policy documents. Connectivity

: Connects over 2,048 branches and 1,570 satellite offices across India via a Wide Area Network (WAN). licindia.in Related LIC Digital Terms ew Business In the context of the Life Insurance Corporation

pplication, a tool for agents to process policies digitally. Customer Portal : A self-service portal for policyholders to check maturity amounts and pay premiums online. Policybazaar.com calculate a policy revival quote using these systems?

Common benefits covered

• Tuition fees (full or partial reimbursement)
• Examination and registration fees
• Books and learning materials
• Scholarships or merit-based awards
• Special-needs education support (sometimes)
• Vocational and professional course support

Tax Implications of EFEAP

Because EFEAP is an employer-employee group insurance scheme, tax treatment differs from standard LIC policies (like Jeevan Anand or Tech Term). Tuition fees (full or partial reimbursement) Examination and

• Employee contributions qualify for deduction under Section 80C of the Income Tax Act.
• Maturity proceeds may be taxable if the premium/contribution exceeds 10% of the sum assured (per current budget rules for non-ULIP group policies). However, since LIC EFEAP is an old welfare scheme, many tax experts argue that proceeds are partially exempt under Section 10(10D) for the risk cover portion.
• Death benefits paid to the family are generally tax-free under Section 10(10D).

Important: LIC employees should check the latest CBDT circulars or consult their accounts department because EFEAP treatment has changed over the years, especially after the 2021 budget amendments.

3. Risk Cover + Savings

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.

1. Group Life Insurance

EFEAP operates on a group basis. Every eligible employee is automatically covered under the master policy held by LIC management.

2. Second Most Likely: EFP (Endowment Family Plan) or E-FAP (Electronic Family Accumulation Plan)

• Full Form: Endowment Family Plan (or similar family-oriented savings plan).
• Context: LIC has many "Endowment" plans (e.g., Jeevan Labh, Jeevan Umang). "EFEAP" could be a scrambled version of a plan name like "E-FAP" (Electronic Family Accumulation Policy) – though not a standard LIC product code.

3. Key Features and Benefits

While the specific monetary limits are revised periodically via internal circulars, the core features typically include:

• Eligibility: All confirmed employees of LIC are generally covered under this scheme.
• Death Benefit: In the tragic event of an employee dying in harness (while still employed), the scheme provides a lump sum amount to the nominated family members.
• Family Pension Support: In many iterations, the scheme complements the standard family pension by providing an additional "ex-gratia" payment.
• Coverage Amount: The coverage amount is usually fixed based on the employee's designation or a flat sum decided by the LIC Board/Industrial Relations (IR) department.