Until 2011, LIC had been issuing Cheques for paying policy owners upon maturity of their insurance plan and for claims. However, at this time, the only option to receive LIC fund payment is NEFT, which is an online money transfer system in India. Customers need to submit the details of their Bank account to LIC through NEFT form in order to allow the insurer to send e-payments.

Process to get LIC Policy survival benefit/maturity/claim amount online through NEFT

The advantage of NEFT payment over Cheque is that you get assured online payment on or before due date. From a customer’s point of view, it’s like submit the NEFT form and forget. You don’t need to visit your bank; LIC will do the rest. Read the whole process below.

  • LIC NEFT form fund transfer online LIC usually informs the customers regarding the imminent maturity of policies through the regular postal mail. The screenshot you see above is the letter I got from LIC.
  • All the details of your LIC policy, including the amount you’re about to receive, the due date for fund transfer, etc. are there in the document.
  • As you could see, a sample of the NEFT mandate form is there towards the end of the mail from LIC.
  • Check it and prepare all Information required for processing your claim account.
  • Take this letter and mentioned documents to the nearest LIC office.
  • They will give you a copy of the NEFT form upon verifying the details. Fill it and hand-over to the officer for online payment of the maturity amount.

LIC sends the above-given mail to the address given on your original policy document. Hence, make sure you update your address in the LIC records if your policy is nearing maturity. It takes decades for the maturity and payments from LIC, and most people change their locations in this course. They may not get payment alert if the address is different from what LIC have in the file.

Download LIC NEFT mandate form [PDF]

Alternatively, if you have a printer, you may download and print the official LIC NEFT mandate form in PDF format, NOW. For those who own a group policy or a pension scheme, the application for LIC online fund transfer is different. GET IT HERE. We also have the LIC NEFT form in Excel format if you need that version (LINK).  Enter the required details in the form as applicable, and submit it to the LIC branch for registration.
Documents to submit for receiving online fund transfer from LIC of India.

The following are the information LIC requires the NEFT form. Do not to miss any section.

  1. Name of the LIC policyholder and number.
  2. Bank Name, Account Number, type of account, IFSC code and location.
  3. Mobile Number and e-mail ID for sending the status of online fund transfer.
  4. A cancelled cheque leaf and a copy of PAN card (if fund value is above 50000 INR).
  5. Medical/Death certificate and policy document in case of a claim.

You may get an SMS confirming your NEFT registration after a few days.

Is it possible to check LIC NEFT payment status

If I say from my experience, there won’t be any further updates from LIC regarding your fund transfer after submission of the form. Neither there is an online option check LIC NEFT status. Nevertheless, it is sure that you will get the maturity amount credited to your account in time.

LIC NEFT STATUS

All you can do is keep checking the status of your bank account and statements. I got the policy amount a day before the maturity date. The screenshot given above is the confirmation of online payment [NEFT] from LIC.

Disadvantage of LIC’s current implementation of NEFT based payment system.

LIC of India introduced maturity payments through NEFT, nearly seven years ago. Nowadays NEFT itself is an old system considering that we have UPI, IMPS and other modes for fund transfer. However, the company still requires the customer to go to their office to submit the NEFT form. When I contacted LIC, they said, they have this system in place to counter-check the signatures. It will have been far better if they have enabled a facility for filling NEFT form through their web portal. Especially when they already have a well-built system for premium payments and checking policy status online.

17 Comments

  1. Manoj Kumar

    i am in Ranchi but our branch is patna. how to take our matured amount.
    our NEFT Form is update. please help

  2. Sudhanshu Kumar

    I am in delhi but my branch is banka(Bihar). So how I can neft in banka branch

  3. Pankaj Ku Mohanta

    How can I know wheater my Policy is registered with NEFT or not ? Can I know it from online acoount if yes how ?

  4. Basavaraj. Kurahatti

    I have submit NEFT Mandate Form a few weeks ago. I would like to know the status of my payment.

  5. Pramod Kumar Srivastava

    I already Submitted my policy and fulfilled all NEFT details. My policy Maturity date is 28/05/2018. But Till Now I didn’t Get my amount in my bank account.

  6. Admin

    Go to the nearest LIC office to submit your form.

  7. I m not in delhi but my lic branch in delhi. How can I submit my neft form to lic office. My payment is due.

  8. Hello I had surrendered the policy on 9th April and I have submitted all the documents along with the application on the same date on 21st that is Saturday I Went to the branch office the officer said i am doing the neft so he has done it and handed me a receipt. But the money was not credited to my account yet i want to know that the LIC itself do the neft or take the help of some bank???

  9. Priyanka Bhatnagar

    not getting the saving amount of my father

  10. Hi I would like to inform you that the Accountant of Khalilabad Lic branch [ Uttar Pradesh ] is not good. He is not doing his job properly. His behaviour is also not good. He is not transferring the amount or fill the bank account correctly in data base. It is not good for Lic bussiness. I am very fraustated with his behaviour . Please take a action against him.

  11. UTHAYAKUMAR

    IS POSSIBLE TO SEND ALL MY DOCUMENTS THROUGH POST

  12. Kasiviswanath

    I got the message from LIC for NEFT bank linking, Can i submit NEFT mandate form through online as i am staying outside of India currently ?
    Kindly let me know the procedure to submit online if Yes, and what is the next step to proceed if NO.
    Thank oyu.

  13. manoj kumar sah

    sir
    mere policy dharak ka sb ke liye neft ka form date 11/2014 me post office se mila tha jo kho gaya hai kis date ko form bheja gaya hai o date chahiye bahut jaruri hai jiski policy no-538571551 doc 28/12/2009 hai sir aapse anurodh hai ki chek karke hamko bata de ya hamare gmail par bhej de taki mera sankat dur ho jaye mai aapka sada abhari rahunga aapka vishvashi manoj kumar sah vill mitani po belsandi ps gaunaha w champaran bihar 845455 mub no 9931874985/9472621985

  14. Snehashis

    I have submitted my bank details through NEFT from on 15th of November at LIC Bararckpore, West Bengal. I would like to know my LIC NEFT status. Please call me on my number 8876754400

  15. Admin

    As of now it is not possible to check the status of LIC NEFT as its done form LIC office in the online mode. You have to keep checking your bank account for updates. In case your amount is not getting credited on or before the due date mentioned in the policy document, visit and LIC office for clarification.

  16. Shreshail

    How much time it would take for processing the fund transfer after submitting the LIC NEFT form?

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