LIC has NEFT as the payment option for their policyholders from the last few years. The procedure for a policy owner is to download LIC NEFT form, fill and submit it at a nearest LIC office for claims and getting maturity payments. LIC then deposits the survival/death benefit to the bank account of the policy owner through online transfer (NEFT). It was a well-working system until the recent COVID outbreak in India. Now with the lockdown and limited office timing, the company has finally come up with online registration for LIC NEFT details.
Update LIC NEFT registration online
Those who have already given their NEFT details at LIC branch need not repeat this process. You can opt for this online method if your LIC policy is reaching its maturity in the coming months or you are expecting a payment. Unlike the offline model, you don’t need to wait 15 days for submitting the LIC NEFT form online. It merely requires you sign-up for a LIC web account with your policy details. Let’s go through the procedure for LIC NEFT online registration.
- Register for a LIC online account by opening this link.
- Now, login to LIC website, here with your newly created user ID and password.
- As soon as you sign-in you see a link to LIC NEFT registration section of the page.
- If you don’t see the link for LIC NEFT online form, click on “Individual Policy Details” and take Service Request option. Select “NEFT Registration” from the drop-down menu.
- Now the site show you the requirements for LIC NEFT registration.
LIC needs you to upload a scanned copy of your bank cheque leaf (new CTS type) and PAN card to their website in the next steps. If you don’t have a scanner, you can use a mobile app like Office Lens, which helps to create documents with your mobile camera. Keep the file size below 200 KB and file name under 40 characters, and also remember to convert the document to a format (JPEG, PDF, PNG, etc.) that LIC portal supports.
Submit bank details for LIC of India policy online
If you are ready with the bank details, and scanned documents, click on the Proceed button for filling up your LIC NEFT details online.
Now find your policy number under the “Eligible Policies” tab if it is open for online NEFT registration. I’ve already submitted my bank details at the LIC office with the NEFT mandate form; that’s why it is showing up under the “Not Eligible Policies” tab.
After selecting the policy number, you need to verify your mobile number through OTP. Then comes the steps for uploading the scanned cheque lead, PAN card, and the bank details like branch name and IFSC code. Finally, submit the form after filling all fields.
We have a video explaining the process of LIC NEFT online registration; check it above.
How to check LIC NEFT registration status?
Unfortunately, there is no way to track the LIC NEFT status online. But if I say from my experience, you don’t need to worry about the payment status if you complete the NEFT requirements. You will get thee survival benefit/ maturity payments on time; I got mine, twice.
It takes a few days for LIC to cross-check your documents and update bank details on your LIC policy. They will send you an SMS regarding your NEFT activation if the process is successful. Now if your bank details for LIC policy is accepted, all your payments will be directly transferred to the given account, as shown above, on the correct date.
Alternative: LIC NEFT mandate form for getting online payment
Right now it is not possible to change your LIC policy NEFT details online if it is already approved for payment. You need to reach the nearest LIC office or a policy servicing branch to make any modifications to the existing information. If the online method doesn’t work for you or if you want to update to your existing bank details, try submitting the NEFT mandate form in the offline mode.
Download the official LIC NEFT mandate form [PDF] here.
Now, if you want to edit the LIC NEFT form at your home, click here to download it in editable MS Word (DOCX) format.
Usually, the LIC offices have the copies of the NEFT mandate form with them. You only need to show the official mailer/SMS (something as shown above) at the brach to initiate the NEFT registration. Also, carry a cancelled a CTS cheque leaf, PAN card copy (if the payments are above 50000 INR), along with a printed form/details as supporting documents.