Lic Efeap Full Form (ORIGINAL)

Employees cannot opt out of EFEAP. A fixed percentage (or a fixed amount) of the employee’s monthly salary is deducted as a contribution toward this plan.

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. lic efeap full form

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 LIC Group Superannuation Scheme. Employees cannot opt out of EFEAP

To bridge the gap between retirement benefits and life cover, EFEAP was introduced as a mandatory, contributory group assurance scheme. 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. If you can share the sentence or context

To get the exact meaning, check the original source where you saw "LIC EFEAP." Look for:

If you can share the sentence or context where this appeared, I can give you a definitive answer. Otherwise, the intended acronym is almost certainly EEFP (Employee's Family Floater Policy).