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How to register LIC NEFT Mandate online to receive maturity benefits?

August 12, 2020by Basavaraj Tonagatti

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”.

register LIC NEFT Mandate online

# 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.

Online NEFT Registration

# 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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Category: Insurance PlanningTag: register LIC NEFT Mandate online

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. Pamposh

    December 25, 2020 at 11:51 PM

    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.

    Reply
    • Basavaraj Tonagatti

      December 26, 2020 at 5:27 PM

      Dear Pamposh,
      Thanks for sharing your inputs.

      Reply
  2. Mamta

    August 21, 2020 at 2:58 PM

    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

    Reply
    • Basavaraj Tonagatti

      August 21, 2020 at 9:58 PM

      Dear Mamta,
      Not sure. But better to wait.

      Reply
      • Shalabh Sharma

        September 3, 2020 at 4:11 PM

        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.

        Reply
        • Basavaraj Tonagatti

          September 3, 2020 at 7:04 PM

          Dear Shalabh,
          I am not sure about the timeline set for the completion of the task. You have no option but to wait.

          Reply
  3. Neela Prashant Khona

    August 12, 2020 at 8:14 PM

    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

    Reply
    • Basavaraj Tonagatti

      August 13, 2020 at 4:46 PM

      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.

      Reply
      • Neela Prashant Khona

        August 14, 2020 at 10:32 AM

        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

        Reply
        • Basavaraj Tonagatti

          August 14, 2020 at 12:04 PM

          Dear Neela,
          Hard to say.

          Reply

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