LIC NEFT Mandate – To expedite the process of claim settlement, LIC has launched the facility of NEFT Mandate. You need to register and provide your bank account details. Now onwards LIC will be crediting all payments like survival benefits, maturity benefits, loan, death claim directly to the bank account of the policyholder or nominee. LIC will not issue any cheque for making payment.
If you have not registered at the LIC portal or if you have not submitted your NEFT mandate to LIC this post is for you. In this post, I will share How to register at the LIC Online portal? I will also share – How to Submit LIC NEFT Mandate Online for Faster claim settlement?
Before taking a look at the NEFT mandate facility let’s check out What is NEFT?
What is NEFT?
NEFT stands for National Electronic Fund Transfer. It is a widely used method of electronic fund transfer. This method is introduced by the Reserve Bank of India (RBI). You can transfer money from one bank to another banks via this method. Your bank branch must be enabled with the NEFT facility to transfer funds using this method. No maximum limit set by RBI for fund transfer using NEFT.
To get claim settlement via LIC you need to submit NEFT Mandate. Follow the method given below to register an account on the LIC website and register for NEFT Mandate.
How to register account at LIC website?
- Visit www.licindia.in and Click on the “Customer Portal” under the online services tab.
- Click on the “New user” button. You will be taken to the registration page.
- Provide Policy Number, Installment premium amount, date of birth, mobile number, email id, and other information.
- Click on the proceed button. The system will verify the policy number, date of birth, and premium amount.
- After validation, you will be prompted to select your own user-ID and password. Based on your input user ID will be created.
- You can log in with the selected user name and password.
- Visit the Basic Services tab and click on the Add Policy button given at the top. Enter the policy detail and register it one by one.
Also Read – LIC Claim Online & Offline – Complete Guide
How to submit LIC NEFT Mandate Form Online?
Step by step process to register for LIC NEFT Mandate Online is given below.
Login at www.licindia.in using user name and password. From the dashboard click on Service Request. Select Service Request – NEFT Registration.
You will be able to see the screen showing the four-step process, starting from policy selection to registration. You will be needing scan image of CTS cheque leaf and PAN card for uploading.
On the selection, tab accepts terms and condition and click on Proceed button.
In the next screen, you will be able to see the policy number. Select the policy number and click on the proceed button.
The system will generate OTP (One time password) and send it on your registered mobile number and E-mail ID.
Enter the OTP received on your mobile number for verification. You will be redirected to the page where you need to enter IFSC Code, Bank Name, Branch Name, Bank Branch Address, Account Type, and PAN number. Click on the Save button once you are done.
The system will show a message – Data saved successfully Click on Generate Form to download the NEFT form.
On clicking Generate NEFT form, the system will download a mandate form.
Now you need to place the Cancelled Cheque leaf and copy of PAN in the designated positions. Sign the form and scan the NEFT form and then upload the completed document.
Once you upload the document system will display the success message.
You will be able to track the progress of service requests by clicking on the “Track Request Status”.
If you don’t upload the mandate form your application will be incomplete and it will be visible in the track request status as an incomplete application. You will be able to complete this request at any time.
You can select all enroll policies one by one and complete NEFT registration for all policies.
You can also file service requests for Premium Service Registration and PAN Data registration.
I hope LIC NEFT Mandate online facility will help you in doing faster claim settlement.