As you know that LIC has been issuing maturity benefits directly to the policy holder’s bank account since 2012. In this post, let’s take a look at how to register LIC NEFT Mandate online to receive maturity benefits.
Table of Contents
Submit LIC NEFT Mandate online to receive maturity benefits
Until recently, the procedure of submission of the NEFT Mandate Form was through offline mode only. Now LIC has launched a facility at the customer portal to submit LIC NEFT Mandate online to get maturity benefits directly to your bank account.
If you are a LIC policyholder and have not yet submitted your NEFT mandate with LIC, you can now register it online. Kindly go through the procedure for LIC Online NEFT Mandate.
How to register LIC NEFT Mandate online?
To register LIC NEFT Mandate Form online, you need to have login credentials to access the customer portal of LIC.
If you have already created user Id and password then directly click on the “Registered User” tab to proceed further. If you haven’t registered for a LIC online account then click on “New User” to create user Id and password.
Submit LIC NEFT Registration online
Follow the below-mentioned procedure to submit it online.
1. Visit the customer portal of LIC. Click on the “Registered User” tab. Login using your user Id, password, and DoB (Date of Birth).
2. Once you login to the customer portal of LIC, you will be prompted with a message as – Online NEFT Registration facility is now available to Customer Portal users. To avail the facility, click here. Click on the given link.
3. Next screen, select the “NEFT Registration” option from the dropdown menu under “Select Service Request”.
4. Check on the box to agree to the terms and conditions and to give your consent for the same. Click on the “Proceed” tab.
5. Next screen, select the enrolled policy number and click on the “Proceed” tab.
6. The system will send an OTP on your registered mobile number and Email address. Enter the OTP (One Time Password) and click on the “Submit” button.
7. Next page, you have to enter IFSC Code, Bank Name, Branch Name, Bank Branch Address, Account Type, Account Number, and PAN number. After this, click on the “Save” tab to save the details.
8. Now, you will see the message – Data saved successfully. Click on Generate Form to download the NEFT form.
9. Once the filled NEFT form is generated. Download and sign the NEFT form. Next, place the Cancelled Cheque leaf and copy of PAN in the designated positions.
10. Scan the NEFT form with the above documents and then upload it. Once it is uploaded, the system will display the success or failure message.
Notable points
1. Note that this OTP (One Time Password) is valid for 15 minutes only from the time of generation.
2. Only .jpg, .jpeg, .pdf, .png, .gif, .bmp, .tif or .tiff files are allowed to upload.
3. The maximum size of the file should not exceed 200kb and filename should not exceed 40 characters.
4. Note that in case you don’t upload the filled form then your application will remain incomplete. When you view it in “Track Request Status” it will be visible as an incomplete application.
5. You can complete this request at any time as per your convenience.
How to track NEFT Mandate registration request status?
You can track the NEFT mandate registration request status at the “Track Request Status” link under “Service Request(s)”. Here you can also view your incomplete applications.
On successful registration, you will also receive a message from LIC. Also, note that the Bank details provided by you via this mandate form will be used by LIC for any payments under your policy.
Final Thoughts
LIC has launched the facility to register LIC NEFT Mandate online. In my opinion, this is a good step by LIC to make sure that the policyholders will receive the maturity benefits directly to their bank accounts. Therefore, submit LIC NEFT Mandate online to receive maturity benefits directly to your bank account.
Related post: LIC Tech Term Plan: LIC Online Term Insurance Plan
Related post: How to update Mobile Number and Email in LIC policy?