Submit LIC NEFT mandate form & bank registration online

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.

LIC NEFT form online registration

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.

• Login to your LIC online account by opening this link. You can also create a new LIC username and password on this page by providing basic details of your policy, and a mobile number.
• As soon as you sign-in, you will find a direct link to LIC NEFT registration 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. Click proceed when you are ready with all documents.

Select the LIC policy number for online registration

Here you can find your policy number under the “Eligible Policies” tab, if it is open for online NEFT registration.

I’ve already submitted bank details for one of my polices at the LIC office with the NEFT mandate form. That’s why one of my policies is showing up under the “Not Eligible Policies” tab. If you see an eligible policy, select it and go ahead to verify your mobile number through OTP.

Submit the bank details and PAN card number for generating the NEFT form

Customer updates his bank details like IFS code, account number, and PAN card in the third step. After saving the information, they will also get the option to download the NEFT registration form in a pre-filled format.

Click on the Blue Generate NEFT Form button to download the document as a PDF file.

Download LIC NEFT online form, edit and re-upload it.

After downloading the file, print a copy and keep your cheque leaf and PAN card on the printed paper as shown below. Verify everything on the NEFT form, and put your signature and date in the given space.

Now, scan the file as an image and transfer it your PC or Mac. 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. You can use a service like compressnow if the image size is above the required 200 KB.

Final steps for completing LIC NEFT online registration.

When the NEFT form is ready as an image with all missing sections filled, open the LIC portal, and upload it.  Click on the Browse button to select the scanned image and then press the Upload button.

 

If you see that the document upload is successful, check all boxes and click Submit to complete all formalities with the LIC NEFT online registration. You will get a service request number in the next page along with a downloadable service request form in PDF format.

[embedyt] https://www.youtube.com/watch?v=I-dN1Kb8XwE[/embedyt]

If you have any confusion regarding scanning and uploading LIC NEFT form, check our video above.

How to track LIC NEFT registration status?

LIC customers who have submitted their bank details online may check their NEFT registration status from the portal itself. Open the “Service Requestd” section from LIC dashboard and then click on “Track Request Status” option as shown in the image.

Here, select the category as “NEFT registration” and choose “All” for the Status drop-down menu. Then you may view the status of your policies, along with their request numbers. It is also possible to complete your NEFT application if the registration status is “incomplete” by clicking the blue button.

 Example for lic survival benefit credit after submitting NEFT mandate form

You don’t need to worry about the payments if you complete the NEFT requirements, If I say it from my experience. 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: Download LIC NEFT form and submit bank details offline

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.