LIC policyholders - Online LIC NEFT Mandate to receive payouts directly in your bank
From year 2012, Life Insurance Corporation
of India (LIC) has made it mandatory for all the policyholders to submit the
NEFT Mandate form to receive any type of payments from the insurer like Survival
benefits and / or Maturity Benefits.
Till now this submission was
offline only / physical mode. In current times it is difficult for policyholders
to visit LIC offices especially when policyholders’ are far away from LIC
offices. Acknowledging this difficulty, LIC have launched facility to register NEFT
mandate online.
How to register LIC NEFT Mandate online?
Now, let’s see the procedure to register
LIC NEFT Mandate online. The basic requirement to register LIC NEFT Mandate
online is to have login credentials of LIC’s customer service portal.
If you have not registered,
please visit portal using link below:
Click on “New User” tab and proceed for registration.
As soon as you login to the
customer portal, you will now be prompted with the below message.
"Online NEFT Registration" facility is now available to
Customer Portal users. To avail the facility, click here.” See image
below:
In the next
screen, from drop-down list, select ‘NEFT Registration’ option which is under
‘Select Service Request’.
Click on Terms
& Conditions option and click on the Proceed button.
Next,
select the policy numbers for which you wish to register NEFT mandate and click
on the proceed button.
The system
will generate OTP and send it on your registered mobile number and E-mail ID.
You need to enter the OTP to verify your credentials.
After that,
you have to enter the account details like, Account Number, IFSC Code, Bank
Name, Branch Name and address, Account Type, and PAN number. Click on the “Save”
tab to save these entries.
Click on “Generate
Form” to download the NEFT form.
Once you
generate filled NEFT Mandate form, download it and you now need to
place the Cancelled Cheque leaf and copy of PAN in the positions meant for
them.
You have to
scan the form and upload it.
Please note
scan form upload should be in pdf,
jpeg, png, gif, bmp, tif or tiff formats only and should not exceed 200 KB and
file name should not exceed 40 characters.
Status of ‘NEFT
mandate’ registration can be tracked at ‘Track Request Status’ link.
You will
also receive a SMS on updation of NEFT Details.
Need to
know more on NEFT? Please read our article on NEFT vs RTGS here.
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