Can I submit NEFT mandate form online to LIC?

LIC has recently launched an online provision @ customer portal for submitting 'LIC NEFT Mandate Form' online . In case, you are an LIC policy holder and not yet registered your NEFT mandate with LIC, you can now submit the form online.

How long does it take for NEFT transfer of LIC?

NEFT transfer may take as long as one hour , but, in the end it is rather safe. In fact, it has emerged as the safest and the most reliable way to send and receive money through the electronic route.

What is NEFT details in LIC?

So, policyholders should make sure that the correct bank details are updated with LIC, as the life insurer will need your bank account information to make the policy payment via NEFT ( National Electronic Fund Transfer ).

What if NEFT is not credited?

What happens when the NEFT amount is not credited? After checking the NEFT transaction status after completion of two hours and if the amount is not credited, the bank would return the amount and credit to the remitter . The entire process might take sometime. So, you need to wait with some patience.

How To Check NEFT Status Of LIC Policy Online? Documents Required To Be Submitted With NEFT Form (2024)

'); $(".ns_formsubmit").click(function () { subscribeArticle(); }); $(".search_article button").click(function () { if($('input[name=searchword]').val()!=''){ $("#searchForm").submit(); }else if($('.searchError','#searchForm').length==1){ return false; }else{ $('#searchForm').prepend('

Enter Search Keyword

'); } }); if($(window).width() > 320){ // $("a.single_image").fancybox({'autoResize' : false,'fitToView': false,'scrolling': 'yes'}); } }); function subscribeArticle() { var email = $('.ns_Letter').val(); var pattern = new RegExp(/^(("[\w-\s]+")|([\w-]+(?:\.[\w-]+)*)|("[\w-\s]+")([\w-]+(?:\.[\w-]+)*))(@((?:[\w-]+\.)*\w[\w-]{0,66})\.([a-z]{2,6}(?:\.[a-z]{2})?)$)|(@\[?((25[0-5]\.|2[0-4][0-9]\.|1[0-9]{2}\.|[0-9]{1,2}\.))((25[0-5]|2[0-4][0-9]|1[0-9]{2}|[0-9]{1,2})\.){2}(25[0-5]|2[0-4][0-9]|1[0-9]{2}|[0-9]{1,2})\]?$)/i); if (email != '' && pattern.test(email) == true) { var formURL = 'https://www.policybazaar.com//drop_feedback/services/sendnewsletter.php?'; var formData = { 'email': email }; $.ajax({ url: formURL, type: 'POST', data: formData, dataType: "json", cache: false, encode: true, success: function (data, textStatus, jqXHR) { //var data1 = JSON.parse(JSON.stringify(data)); $('#nsMsg').addClass('ns_error ns_success').html('Thank You for subscribing for News Letter'); $('.ns_Letter').val(''); }, error: function (jqXHR, textStatus, errorThrown) { } }); } else { $('#nsMsg').removeClass('ns_success').addClass('ns_error').html('Please enter a valid email address.'); } }

LIC is one of the largest life insurers in India that has started issuing survival and

Best Investment Options

Save upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get Guaranteed returns along with life cover

Home
LIC of India
Articles-Lic
How To Check NEFT Status Of LIC Policy Online?

LIC Policies – NEFT

LIC offers a wide variety of insurance plans ranging from the pure protection plan to savings plan that meet the policyholder’s requirements. The sum assured amount provided by the life insurance protects and secures your loved ones from any financial burden in case of your unfortunate demise. The claim settlement ratio (CSR) is another important factor that measures the percentage of life insurance claims which is settled by an insurance company during a financial year. LIC, being the biggest company in the insurance sector has a claim settlement ratio of 96.69% for 2019-20 FY, indicating a hassle-free and smooth settlement process.

Earlier, till 2021, LIC was offering maturity or survival payments through other modes such as cheques. But now the existing mode is NEFT i.e., the electronic payment mode that credits the payment directly into a bank account. As per LIC guidelines, the buyer is not allowed to use any other mode of payment other than NEFT. The electronic payments of maturity or survival benefits are settled using the NEFT that credits all money to your registered bank account. All the assured must submit the NEFT form to receive payments. However, earlier the submission of the NEFT mandate form was offline. But avoiding visiting the branch specifically during COVID times, LIC introduced an online facility to register NEFT for receiving benefits.

National Electronic Fund Transfer (NEFT)

NEFT is an electronic system that transfers all funds from one account to another in any bank across the country. This is a simple, secure, and cost-effective system. To make a smooth NEFT transfer of payments, the registered bank account should also be enabled in the accounts of their customers. This entire system is being operated by the RBI i.e., Reserve Bank of India.

Previously, customers had to visit their nearest LIC home branches and make a request for a cheque. After the payment of the settlement via cheque, customers have to again visit their respective banks to transfer that credited amount. The earlier process was time-consuming. Now the electronic fund transfer facilities are quite convenient and offer various benefits for the customers:

NEFT Mandate Form

Customers are required to fill NEFT mandate form to enable NEFT for their easy settlement of payment. This form can be downloaded from LIC’s official website. Following details are also requested by LIC in the NEFT process:

Name of the applicant
Address
Policy number
Name of bank and address
Type of Account
Bank account number
IFSC code
Phone number and email id

How To Register LIC NEFT Online to receive maturity or survival benefits?

If you are a policyholder of LIC and still have not registered for NEFT, then you are required to do that immediately. Here are the steps to register LIC NEFT mandate form through online mode:

Visit the official website of LIC
Then, visit the LIC customer portal and register onto the portal using your login credentials. If you are not a registered user, then create an account by clicking on ‘New User’. However, if you already have an account then click on ‘Registered User’.
After logging into the customer portal of LIC, a pop-up will be displayed ‘To Avail the NEFT facility Click here’.
Click on the option NEFT registration present under the tab Select ‘Service Request’
Always check the terms and conditions before clicking on the Proceed tab.
Select the registered policy number and choose the option ‘Proceed’
The system will generate an OPT and send it to your enrolled mobile number and also by email. Enter OTP to validate the details provided by you.
Then, enter the Name and branch of the bank, IFSC code, type of account, and PAN number. Click on tab ‘Save’.
A pop-up will be displayed on the screen ‘Data Saved Successfully’. Then you can download the NEFT form by clicking on ‘Generate form’.
Fill the form. Scan it and upload it. After uploading the document, the system displays the message whether it is a success or failure.
You can also track the status of the NEFT mandate by clicking on ‘Track Request Status’. Upon successful registration, you will receive a message.

Documents Required To Be Submitted With NEFT Form

After downloading the NEFT form, fill in all the required information. There are some additional documents required to be submitted by the policyholder along with your NEFT form:

Canceled cheque of your respective bank account
PAN card
Policy documents
Medical certificate /death certificate, in case of a claim
Passbook having the name of the account holder

How To Check NEFT Status of LIC Policy online?

Visit the official website of LIC and log in to the LIC ‘customer portal’. If you have not registered before, then click on ‘New User’. If you are already a user, click on ‘Registered User’.
Then, click on Service Request.
A window will open that shows two options on the left-hand panel which is service request and track request status. If you want to register for NEFT then click on Service Request. But here we want to check NEFT status of LIC policy, so click on ‘Track Request Status’.
Then choose the category ‘NEFT registration’.
You can check the status of All policies, cancelled, closed, and rejected. Select option as per your requirements.
Click ‘All’ for checking the status of all the policies whether they are accepted or rejected.

Wrapping It Up!

LIC has recently launched the NEFT method in 2011 with which you can receive maturity or surviving benefits online directly to your respective bank account. NEFT is easy and convenient. You can register for the NEFT mandate online through LIC’s official website and can also track the status of your application. Since this system requires electronic fund transfer, customers should be aware of all the terms and conditions and must take care while filling in their account details.