Get all your LIC policy payments directly into your account through NEFT

LIC payment through NEFT

Life Insurance Corporation is now sending all the payment to it’s policy holders through NEFT payment system. The payment under your policies will be credited directly to your Bank account through electronic mode of payment only. For this purpose, you require to submit your bank details to LIC for making the policy payment through NEFT (National Electronic Fund Transfer). The details of NEFT are described below. Submit your NEFT mandate form (You can download the NEFT form from the link given below) with a canceled cheque with name pre-printed on it  or Copy of front page of your bank passbook mentioning IFSC code and bank account no. After the Govt. of India’s orders LIC has stopped making payment through cheques, submit your bank details now to avoid unnecessary delay in you payments. You can submit it in any nearest branch or LIC customer zone.

What is a NEFT ?

It is a nationwide system that facilitates to transfer a fund from one account of any bank branch to another account of any bank branch. This system is operated by Reserve Bank of India. For transfer of funds the participating banks have to be NEFT enabled. At present around 74000 Banks all over India are participating under NEFT system. For details please refer to RBI website

LIC payment through NEFT - 2

Advantages of NEFT system for LIC Policy holders / Annuitants

  1. The policy holder / claimant will get the credit in his own account on the due date of payment irrespective of the location of his bank.
  2. NEFT will ensure speedier and secure mode of payment.
  3. There will be no extra charges to the policy holders / claimant.
  4. SMS and E-mail alerts may also be provided wherever the policy payment is made to the policyholder/ claimants’ account through NEFT.
  5. Each payment from LIC through NEFT will create one UTR(Unique Transaction Reference) number. If there is any problem in credit to the account, policy holders / claimant can confirm from their bank by quoting this UTR no. In other words it is easy to track a transaction of NEFT, using UTR number

Important information to the Policy holder / claimants opting for NEFT

  1. All the items mentioned in the mandate form should be filled correctly. This mandate can be used for 6 different policy numbers of the same policyholder..
  2. The completed mandate for NEFT should be sent to Branch, servicing at least one of the policies, listed in the mandate.
  3. The policy holder / claimant should also submit either a cancelled blank cheque leaf or the photo copy of the page of the passbook / cheque book where details of the Bank account are mentioned.
  4. If within two days of the due date, the amount is not credited to your Bank Account, then you may contact the branch where you have submitted the NEFT mandate.
  5. The account of the policy holder / annuitant should be operational at the time of receipt of policy payment.
  6. Before submitting the mandate form, the policyholder/ claimant should confirm from his bank that it is NEFT enabled.
  7. Policy holder’s/ claimants’ name under the policy should match with that of Bank A/c, else it is likely to be rejected.
  8. NRI accounts are guided by FEMA regulations; LIC has decided not to include NRI accounts for fund transfer. So policy holders / annuitants are requested not to submit their NRI account details.
  9. After submission of NEFT details, if there is any change in bank details then fresh mandate form will have to be submitted.
  10. If you are getting the annuity payments through ECS mode from our IPP cells, you may opt for payment by NEFT by submitting the mandate or continue to receive the annuity payment in the existing ECS mode.

Please CLICK HERE to download the NEFT mandate form

56 Comments on "Get all your LIC policy payments directly into your account through NEFT"

  1. how can submit of neft form online to lic?

  2. vinukumar_vs@yahoo.com' Vinu Kumar | March 9, 2016 at 8:54 pm |

    Can I submit my back account details at any nearest LIC branch? or should i have to go the same brach where I hold policy?

  3. After checking with customer care, I sent a courier to LIC bracnch office with required documents. how do I get notified about NEFT update ?

  4. Sir,
    i am now NRI. i changed the resident bank account to NRO account. (NOT NRE ACCOUNT) .Can i update the NRO account AND will LIC office accept my NRO account?

  5. Can i submit NEFT details online portal?

  6. rivaravi.kumar687@gmail.com' Ravi Kumar | May 17, 2016 at 8:51 am |

    Sir without submitted neft form can I get my bonus in cheques.

    • LIC has stopped the cheque payments. And after all you have to deposit the cheque in bank account, so why not register it for hassle free payments.

  7. sonipramod2005@gmail.com' प्रमोद सोनी/Pramod Soni | May 21, 2016 at 9:45 pm |

    क्या maturity claim पाने के लिए ओरिजिनल policy जमा करना जरूरी है ? यदि हाँ, तो क्या नेफ्ट फॉर्म, cancelled cheque आदि किसी भी निकटतम शाखा में जमा कराई जा सकती है, या उसे मूल शाखा में जमा करना जरूरी है ?

    • Maturity Claim के लिए पॉलिसी जमा कराना जरूरी है। एवं समस्त दस्तावेजों को मूल शाखा में ही जमा कराना होगा।

  8. badalmishra1983@gmail.com' Atul Mishar | May 30, 2016 at 6:47 pm |

    Can I receive my missed money back payment by LIC. I did not receive my back payment because I didn’t submits the NEFT.

  9. jaiswal.bharat@gmail.com' Bharat Raj jaiswal | June 3, 2016 at 12:07 pm |

    Sir, let me know whether my NEFT is registered to my LIC Policy No. 376865957 which I submited a month back with cancelled check along with NEFT mandate form.

  10. pankaj_pnbmbd@rediffmail.com' pankaj gupta | June 5, 2016 at 4:07 pm |

    sir can we know neft is done or not in lic policy th internet
    without going lic office

  11. I am NRI and have only NRO account. I do not have any other resident accounts. I got LIC policy while in India. How can I get my returns? Or what other options you have for NRI?

  12. I have submitted NEFT mandate form in LIC office about 3-4 days back but still haven’t received any intimation on confirmation of registration. Would you like to suggest anything or I should wait for few more days?

  13. I have purchased a policy 5 years ago recently I have received a NEFT mandate form to sumbit our bank account details and id proof but my agent is not responding what should I do, where we should submit our bank details.

  14. mubarak.ali330@gmail.com' MUBARAK ALI | June 27, 2016 at 3:12 pm |

    DEAR SIR,
    I WANT TO TRANSFER MY POLICY IN MY HOME DISTRICT SO PLS HELP ME.

  15. सर जी–
    नेफ्ट फार्म में भरे गये सारे व्यौरे किस पते पर भेजना हैॽ या कहां post करना हैॽ

    • नेफ्ट फार्म अपनी संबंधित शाखा या निकटतम कस्टमर ज़ोन को भेज सकते हैं।

  16. shriyanshjain7592@gmail.com' Lokesh Jain | July 16, 2016 at 10:26 pm |

    I have received a message from LIC that your policy no..XXX has been registered under NEFT under my account ..but I have not received my money in my bank ..please tell me when will i receive my money in my account

    • Please see what is your payment due date suppose if the payment due date is 28/07/2016 then you will receive money only after this date not before, even if your payment is already processed by LIC.

  17. Sir I have given my cancelled cheque for neft to policy a k Mishra . please tell is it done or not

  18. raydip_dilip@yahoo.co.in' Dilip Kumar Ray | July 18, 2016 at 10:52 am |

    There is slight mistake in name. In policy there is Dilip Kumar Roy and in bank account it is Dilip Kumar Ray. Is there problem for NEFT application .

  19. jassigewal62@gmail.com' Jaspal kaur grewal | August 4, 2016 at 7:42 pm |

    Sir i had sent my neft form and cancelled cheque for my money back policy of which my payment after 15yrs. was due but i have’nt received it in my bank account my policy no. is 16184629 pl. let me know the reason for delay

  20. saurabh.navodaya@gmail.com' Saurabh Kumar Verma | August 19, 2016 at 1:46 pm |

    What is the use of NEFT Form ?

  21. Sir
    please tell me to make neft I have to produce my
    Policy bond original along with neft form.

  22. satishkumarsharma301@gmail.com' satish kumar sharma | September 2, 2016 at 3:19 am |

    Kya mai kisi vi branch me apna bank account details submit kraskta hu

  23. So now that I am NRI, is it possible to give details of account number of family members to get the amount. (as both NRI/NRO is not possible)

  24. I Couldn’t find any loyalty addition for Jeevan Saral plan declared by LIC.
    Can you please tell the Serial number In which LIC declared loyalty addition for Jeevan Saral plan

  25. policy start :28/03/2011
    age:27
    total premium per month:5014
    sum assured 1250000
    sir i want to surrender the policy details given above .what is the benifit todays date
    please guide

  26. Sir please give response

  27. Received a message from LIC that my policy num is registered with bank. Could you help me in how many days on an avg I would get money into my acc?

  28. I have submitted Claim form along with NEFT form and other documents in the LIC Branch but have not received the amount after 1 Month of submitting.Please help me what to do.

    • Please confirm the due date of claim payable to you (In the case of survival benefit or maturity benefit), it is payable only on or after the date when a claim is due for payment. If the claim is already due then you must ask the branch for the reason of delay in your payment.

  29. What is the procedure to know Nominee name if The policy gets matured and policy holder dies and the computer in LIC Branch is not showing Nominee details .How to claim if all receipts and bond have lost.

    • It not possible to know the name of the nominee of any policy if not available in policy details in LIC branch. Though LIC keeps the original proposal form of policyholder throughout the policy term in any policy, so you can know from there. If you have the policy number, then class 1 legal heir should claim the benefits in the policy or ask the claim department official for the proper solution or method of claim in such cases.

  30. my policy maturity date is 28/01/2017 and my last and final payment date was 287/2016 (this is already paid),, I also registered with NEFT, tell me how many days I receive my all claim completely,,

    jagshir singh

    • Payment in any policy is made only on or after the due date. In the case of your policy, maturity date is 28/01/2017, therefore maturity benefit is only payable on or after 28/01/2017. So. you will get your payment on 28/01/2017 or within 1-2 days after it.

Comments are closed.