LIC NEFT Form: An Overview
The LIC NEFT (National Electronic Funds Transfer) form is crucial for managing LIC (Life Insurance Corporation of India) policy payments and simplifying financial transactions. Using LIC India NEFT can save you time, reduce hassle, and enhance the security of your payments. How? Let’s understand it using the example below.
Imagine this scenario: Mr. Sharma, a busy professional, has been a LIC policyholder for over a decade. Each month, he manually deposits his policy payouts and waits several days for them to reflect in his account. This process consumes valuable time and causes unnecessary stress, especially when payments are delayed or misplaced.
When he learned about the LIC NEFT form, he registered for it. Now, Mr. Sharma is experiencing a seamless transition to electronic payments, with funds being transferred directly to his bank account quickly and securely.
This simple change of using LIC NEFT has transformed his experience, freeing him from the repetitive manual process and offering peace of mind. Let’s learn more about the LIC NEFT form in detail and solve your possible queries.
What is LIC NEFT Form?
LIC NEFT is a nationwide electronic fund transfer system. It helps transfer funds from one bank branch account to another account of any bank branch across the country. The Reserve Bank of India operates the NEFT system, which ensures the security of financial transactions and private data.
You can submit the LIC India NEFT form online (using the LIC customer portal) and offline (by visiting the nearest branch office).
What is the Need to Fill Out the LIC NEFT Form?
LIC NEFT form facilitates seamless electronic transactions of your LIC policy to your bank account. But when you can complete it manually, what is the need to fill out this form? Let's find the key reasons for switching to LIC NEFT:
Faster Transactions
Using the LIC NEFT, policyholders can ensure that payments, such as policy payouts, loan disbursements, and maturity benefits, are directly credited to their bank accounts on the due date. This also removes the hassles of managing cheques or demand drafts, thus saving you valuable time.
Security and Reliability
In today's digital age, security is crucial for financial transactions. NEFT transactions are encrypted and processed securely, ensuring customers' peace of mind that their financial information is protected.
Cost-Effectiveness
NEFT payments often incur lower or no transaction fees than traditional methods like demand drafts or postal orders.
Easy Management
Using LIC NEFT for financial transactions, you can manage and track your transactions through online banking platforms or mobile apps, offering greater control over your financial activities.
Enhanced Convenience
LIC of India generates a UTR number for every transaction made using the LIC NEFT, which helps you track your payments if any delay occurs for payment credits to the annuitant/ policyholder bank account. If you opt for SMS or email alerts, you are notified of every transaction made to your account through NEFT.
When do I Need to Submit LIC India NEFT Form?
LIC NEFT forms are essential for receiving due payment from LIC of India directly to your bank account. However, below are the key situations requiring the LIC India NEFT form submission:
- For receiving maturity benefits at the policy due date
- At the time of the disbursement of the loan amount
- Death claim settlement to the beneficiaries/nominees
- Receive survival benefits at specified intervals
- Surrender value payments
- Receiving periodic annuity payments from LIC pension policies
- Get excess premium or adjustment value refunds
- Updation of bank details
- Get applicable bonuses or dividends
Complete Process of Submitting LIC NEFT Details
Customers who have registered to the LIC customer portal can submit the LIC NEFT details to their LIC policies. Follow the given step-by-step guide:
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Visit the official website of LIC of India.
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Go to the ‘Login’ option available on the navigation bar.
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Select ‘Customer Portal’, which will open a new window.
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Registered users can use valid credentials and click ‘Login’.
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On the dashboard, click on ‘Service Request(s)’.
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Select ‘NEFT Registration’ from the drop down menu.
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Accept the consent by clicking on the box after reading the conditions and click on ‘Proceed’.
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You will see the list of eligible policies for NEFT registration. Select the policy and click ‘Proceed’.
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You will receive an OTP on your registered mobile number. Validate the OTP.
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NEFT form is opened on the screen. Fill in the required details in the field and save.
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Click on ‘Generate NEFT Form’. On screen, you will see the form generated with the details you submitted.
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Take a printout of the form and attach a copy of your PAN card and the cancelled cheque. Sign the form and fill in the date.
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Scan and upload the form on the portal.
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Agree to the terms and conditions and click on the ‘Submit’ option. You can also download the request form.
* New customers can explore the complete registration process of the LIC customer portal.
What Details are Required to Register LIC NEFT Mandate form?
Below details are required for the LIC NEFT registration process:
- Name of policyholder
- IFSC code
- Bank name
- Branch name
- Bank branch address
- Bank account number
- Mobile number
- Email ID
- PAN card
What Documents are Required to be Submitted with the NEFT Form?
After downloading the LIC India NEFT form, you need to fill in the required details and upload it on the portal with the following documents:
- Cancelled cheque with the name of the applicant
- PAN card
- Policy documents
- Passbook having the name of the receiver
How to Check LIC NEFT Status Online?
Follow the given steps to check the LIC NEFT status online:
- Visit the official website of LIC of India.
- Login to the customer portal using the credentials.
- Click on the ‘Service Request (s)’.
- On the new window, you see the ‘service request’ and ‘track request status’ options. Select ‘Track Request Status’ to check the NEFT status of the LIC policy.
- Choose the category as ‘NEFT Registration’.
- You will see whether the NEFT registration is being processed, accepted, or rejected.
Final Words
LIC NEFT registration online helps customers make financial transactions regarding LIC policies. You will receive death benefit, survival benefit, maturity benefit, loan amount, etc. directly to the bank account of the policyholder/ nominee. The LIC NEFT mandate online has made transactions more secure, convenient, and efficient.
If you have any queries or require assistance regarding LIC NEFT registration online, connect with LIC customer support online and offline.
Connect with a life insurance agent or LIC agent nearby using RenewBuy Advisor Connect and get more details on LIC policy and claims.