The LIC NEFT Form and Information Guide provide detailed instructions for policy payment via NEFT. This includes guidelines for LIC Payment by NEFT and access to the LIC NEFT Form in PDF format. The guide offers essential information to policyholders regarding policy payment by NEFT and instructions for submitting the NEFT mandate form.
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LIC NEFT
The payment under your policy/policies will be credited directly to your bank account through electronic mode using NEFT (National Electronic Fund Transfer). To facilitate this process, we require your bank details for NEFT payment. Please submit the NEFT mandate along with the necessary enclosures to ensure timely and secure settlement of payments under your policy. It’s important to note that we cannot settle policy payments through any other mode, such as checks.
1. What is NEFT?
NEFT is a nationwide system operated by the Reserve Bank of India, facilitating fund transfers between accounts in different bank branches. Currently, approximately 74,000 banks across India participate in the NEFT system. For more details, refer to the RBI website here.
Click here to Download LIC NEFT Form
2. Advantages of NEFT system for LIC Policy holders / Annuitants :
a) Policyholders/claimants receive credits in their accounts on the due date, regardless of their bank’s location.
b) NEFT ensures a speedy and secure mode of payment.
c) No extra charges are incurred by policyholders/claimants.
d) SMS and email alerts may be provided for policy payments made through NEFT.
e) Each payment through NEFT generates a Unique Transaction Reference (UTR) number, facilitating easy tracking of transactions.
3. important information to the Policy holder / claimants opting for NEFT
a) Fill all items on the enclosed mandate form accurately. This mandate can be used for up to six different policy numbers for the same policyholder.
b) Submit the completed NEFT mandate to our branch servicing at least one of the listed policies.
c) Include either a canceled blank cheque leaf or a photocopy of the passbook/cheque book page displaying bank account details.
d) If the amount is not credited to your bank account within two days of the due date, contact the submitting branch.
e) The policyholder/annuitant’s account must be operational at the time of policy payment receipt.
f) Confirm with your bank that it is NEFT-enabled before submitting the mandate form.
g) Ensure the policyholder’s/claimant’s name under the policy matches the bank account name to prevent rejection.
h) NRI accounts are not considered for fund transfer as per FEMA regulations; please do not submit NRI account details.
i) If there is a change in bank details after NEFT submission, a fresh mandate form must be submitted.
j) For annuity payments received through ECS mode from our IPP cells, you may opt for NEFT payment by submitting the mandate or continue with the existing ECS mode.
