You may be aware that LIC started issuing maturity or survival benefits directly to your bank accounts rather than issuing the cheque. Going one step ahead, LIC recently launched the facility to register LIC NEFT Mandate online to receive your maturity or survival benefits directly to your bank account.
From 2012, LIC has made it mandatory for all the policyholders to submit the NEFT Mandate form to receive any type of payments from the insurer like survival or maturity benefits.
However, this submission of the NEFT Mandate form was offline only. But avoiding the hassles of visiting the branch and especially during this Covid 19 period, LIC launched the facility to register LIC NEFT Mandate online to receive maturity benefits or survival benefits.
If you are a LIC policyholder and not yet registered your NEFT mandate with LIC, you can now submit the form online.
How to register LIC NEFT Mandate online to receive maturity benefits?
Let us see the procedure to register LIC NEFT Mandate online to receive maturity benefits.
The primary eligibility to register LIC NEFT Mandate online is that you should have login credentials to access the customer portal of LIC.
# Visit the ‘customer portal‘ of LIC. If not registered, then create a login by clicking on “New User”. However, if you have already created the login, then directly click on the tab “Registered User”.
# Once you login to the customer portal, you will now be prompted with the message “Online NEFT Registration facility is now available to Customer Portal users. To avail the facility, click here.”. Click on that link.
# In the next screen, from dropdown, select ‘NEFT Registration’ option under ‘Select Service Request’.
- Check the Terms & Conditions option and click on the Proceed tab.
- Next, select the enrolled policy numbers and click on the proceed button.
- The system will generate OTP and send it on your registered mobile number and E-mail ID. You need to enter the OTP to verify your credentials.
- After that, you have to enter the IFSC Code, Bank Name, Branch Name and address, Account Type, and PAN number. After this, click on the Save tab.
- You will see the message “Data saved successfully”. Click on Generate Form to download the NEFT form.
- Once you generate filled NEFT Mandate form, download it and you now need to place the Cancelled Cheque leaf and copy of PAN in the positions meant for them.
- You have to scan the form and upload it. Once you upload the document, the system will display the success/failure message. While uploading, make sure of these below-mentioned conditions.
- The scanned copy of the document should be in pdf, jpeg, png, gif, bmp, tif or tiff format.
- The file size should not exceed 200 KB and the file name should not exceed 40 characters.
- You can track the ‘NEFT mandate’ registration status at the ‘Track Request Status’ link. You will also receive a Message on successful registration of LIC NEFT Mandate online.
- The Bank details provided by you will be used by LIC for any further policy payments under your policy.
Conclusion:-I think this is the one more great step by LIC to make sure that the maturity or survival benefits should be received directly to the beneficiaries’ account and also no need to visit the branch for such small tasks.
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24 Responses
In any case, there still has to be human contact. The physical bond must be surrendered physically.
I have never seen anyone talk about that.
FD s are way better in that respect (hdfc bank), no physical contact required anywhere, anytime.
Dear SRR,
I endorse your views.
Thank you, Basavaraj.
I had already updated NEFT with ICICI and now can I update it with HDFC online?
Dear Kolasani,
Yes.
My policy has matured and I’ve linked neft. However they are demanding original policy bond which I don’t have! Is it mandatory and is there any simpler way out?
Dear Ankit,
Yes, it is mandatory and you have to produce it.
Hello,
My Jeevan Anand policy for 15 years is maturing tomorrow 19th June 22. I have already registered for NEFT.
Will I receive my maturity benefits automatically in my account as NEFT is successfully registered or need to do something more.
Also what will happen to my matured policy. Life cover will still continue right?
Please answer my queries and Thanks in advance.
Dear Mujib,
Yes, it will auto credit and life risk will continue.
Dear sir,
Read through all the replies and suggestions. Thank you.
I have a LIC money back policy which is due for maturity in Aug 2022. I tried updating the neft details in the online portal. I get a message saying neft details have already been updated for this policy. I don’t remember having updated the neft details for this policy. Could you please let me know how I can see the updated neft details in the customer portal?
Dear Aarati,
Better you contact the branch and check properly.
Maturity Claim is due/payable under Policy No. 493719821 on 21/11/2021. Contact LIC Branch with NEFT/Cheque Leaf/KYC/Policy Bond/DV, if not submitted – LIC. Can you tell the meaning of it and the procedure afterwards
Dear Barsha,
Approach the home branch to update your bank details. This will be helpful for you to receive the maturity amount in your bank directly.
Thanks for this information..I have my one of my policy maturity claim on 4May2021 ..called up customer care n they informed to submit any nearby branch as I’m away here in chennai n service branch is in Chandrapur, Maharastra..But here lic office not ready to accept ..Last year due to pandemic they made online provision for maturity claim…but now I’m struggling n skeptical to send original bond to agent of Maharastra..Pls help in guiding sir
Dear Hemlata,
If you are apprehensive to send the original bond, then better to wait for lockdown over then take a call.
Hi all
I recently did this.
1) need to fill seperately for each policy.
2) request goes to servicing branch and few branches are lazy/overloaded or may be new to the procedure. So, you raise a complaint and give the service request number, that will be allocated to a person, who will do in few days as they have SLA for complaints.
Hope this helps.
Dear Pamposh,
Thanks for sharing your inputs.
I did the online neft mandate. Tracking request is showing process initiated. Its been 10 days. How long will it take for request to get completed
Thanks
Dear Mamta,
Not sure. But better to wait.
Tracking request is showing process initiated for more than 1 month. I registered for 4 policies and same issue. I think LIC is not processing them at back-end or they are not updating status from “initiated” to “completed”. Not good service from LIC.
Dear Shalabh,
I am not sure about the timeline set for the completion of the task. You have no option but to wait.
Hello Sir,
Really thanks for guiding us through this procedure.
But I have 3 different policies under LIC and when I login, it is allowing me to select only 1 policy number.
So do I have to repeat the whole procedure separately for all my 3 policies?
Thanks & Regards,
Neela
Dear Neela,
I think the other two policies not have your proper KYC details. Please be in touch with branch and update the same so that they available in single login.
Thanks Sir.
I can view all 3 in the same login and do make Online payments for all of them too.
But I don’t know why only 1 policy is getting selected.
Thanks $ Regards,
Neela
Dear Neela,
Hard to say.