LIC e-payment request form for NEFT pay-out

LIC is going to transform the way they pay their customers. From 1, October 2011 LIC policy payments will be released online-directly to the bank account of the policy holder. As of now LIC is compensating customers with a check or hard cash upon policy maturity. Policy e-payment would be a great convenience for the working-class and pensioners, as they get their returns in time without any hassles. Opting LIC e-payment is secure, and it provides more privacy than cash transactions. The procedure for activating this facility is given below.

LIC e-payout NEFT form
Both individuals and members of the Pension and Group Policy schemes are eligible for the LIC NEFT pay-out. LIC India has provided separate request forms for these categories.

Download LIC e-payment application for Individuals and P&GS here.

The details required to fill the e-payment request form includes bank name, IFSC code, branch address, policy number, mobile number, etc. Extract the ZIP file and select the appropriate form, print it and write down the necessary information. Then submit it to the nearest LIC policy servicing center along with a canceled cheque. In future LIC will send the policy maturity benefit, fund value, sanctioned loan, surrendered amount, pension, etc. through NEFT to the registered bank account.

Comments

  1. ramesh.m.v says

    is it complsory to open or to have a account at a bank which is having neft facility. if not any other mode of payment option available for the policy holder to get his maturity amount from L I C of india

  2. Mrs Suma Sen says

    Sir, i have submitted NEFT mandate form for payment of LIC premium directly from Bank A/C on 25th November 2011 at LIC Office, Silchar Club Road (Assam. I have not received any confirmation msg. Premium is due in Mar. May I know whether next premium will be collected from bank directly or otherwise.

  3. Sandeep says

    Dear sir,

    I have 3 different policies in 3 different branches. Is it possible me to submit my bank details for net payment in one form by writing 3 different policies details of different branches in one branch only.

    Regards,

    sandeep

  4. Purushottam G. Chillore says

    Sir,

    Plz send me pdf copy on my mail to take a print out ASAP.

    Thanks & Regards,
    Purushottam

  5. Admin says

    Hello Sanjay, I think your query is regarding LIC online payment through NEFT. For that you have to register on LIC India site and manually transfer funds from your bank account before the due date. If there is no money, then obviously the policy will lapse. For getting LIC policy status and online premium payment, refer this http://www.smartin.in/lic-policy-status-fund-value-pay-premium-online/. This article is about a new facility they’ve launched, with which you can get your policy pay-out directly to the bank account.

  6. Sanjay says

    Payment through NEFT is good, But what happened if any persons account there is no money on due date. Also is grace period is allowed or not. Please clerify………

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