LIC NEFT Form is mandatory to receive payments from the LIC. NEFT (National Electronic Funds Transfer) ensures that your payouts—whether they’re policy maturity amounts, bonuses, or claim settlements—are credited directly to your bank account.
You can fill out the LIC NEFT Form offline by visiting the LIC branch. Alternatively, LIC has made the facility to register NEFT online at the LIC website. In this case, you are not required to visit the LIC office to register the NEFT information. Now, from the comfort of your home, you can enter the NEFT information in LIC online.
Sounds convenient, right? But the question is – how do you fill out this form online without breaking a sweat? Let’s walk through the process step by step.
What Is an LIC NEFT Form?
Before we get into the details, let’s clarify what the LIC NEFT form is. In simple terms, it’s a form LIC employs to gather your banking information to enable electronic transfer of your funds. The era of waiting for checks or demand drafts is over! NEFT enables quicker, more secure payments, eliminating the need for bank visits.
Prerequisites for LIC NEFT Form
Before you roll up your sleeves, gather these essentials:
- Your LIC policy details – Policy number(s) for which you want payments credited.
- Bank account details – This includes your bank’s IFSC code, account number, and branch details.
- A copy of a canceled cheque – This serves as proof of your account details. You require a scan copy/image of the canceled cheque.
- Your PAN card – It might be required for certain types of payouts.
The scanned copy of the document should be in pdf, jpeg, png, gif, bmp, tiff or tif format. The file size should be less than 200 KB and the file name should be less than 40 characters.
Now that you’ve got your checklist ready, it’s time to fill out the form online.
Step-by-Step Guide to Filling Out the LIC NEFT Form Online
LIC has streamlined this procedure to be easy and accessible. Adhere to these steps, and you will finish quickly.
1. Visit the LIC Website
Head over to the official LIC website (www.licindia.in). Make sure you’re on the authentic page; after all, you don’t want to fall prey to phishing scams.
2. Log In to Your Account
If you already have an online account with LIC, log in using your credentials. If you don’t, you’ll need to register first. Don’t worry, registration is straightforward—just provide your policy number, date of birth, and other basic details.
3. Select Service Request to Register NEFT Mandate
Once you press the Service Request(s) button, you will be taken to the Service Request page to submit a new request regarding your LIC policy. To input NEFT information in LIC online, select Service Request from the drop-down menu. You will find 7 choices to select from, which are
- Premium Service Registration
- Loan
- Address Change
- Change of Mode
- NEFT Registration
- Online ULIP fund switch
- PAN data registration
Select NEFT Registration to register the mandate.
3. Select Policy for NEFT Form
On the following screen, you will find all the policies lacking registered NEFT details. Simply choose the policy for which you’d like to modify the NEFT request.
There is no choice available to select several policies for registering the NEFT details. You need to go through the process for each policy for which you wish to register the NEFT details online. A Proceed button will show up as soon as you choose the policy shown on the screen.
5. OTP Validation
Simply click on Proceed, and an OTP will be sent to your mobile number linked to your LIC portal to register NEFT information in LIC online.
A 6-digit OTP will be sent to your registered mobile number. Simply input the OTP in the specified area and click on submit. If you happen not to receive the OTP, simply click the Resend OTP button to have the OTP sent to your mobile again. Be aware that you will obtain a new OTP each time, so always input the latest OTP to continue.
6. Fill Bank Details
After successful validation, you will be taken to a page where you need to provide your bank details to register your policy. Your name, policy number, registered mobile number, and email ID, according to your policy record, will be displayed on the screen.
You need to complete the details on this page to register NEFT information in LIC online.
Enter the IFSC code. The IFSC Code is an 11-digit identifier unique to each bank branch. Kindly be aware that the initial four characters of the IFS code are letters assigned to each bank, making them distinct for every institution. The 5th character is 0 (Zero) by default. The next 6 characters may be digits or letters. Once you input the IFSC code for your bank branch, the bank and branch information will appear on the screen; there’s no need to enter those details by hand.
Choose your account type from the dropdown menu. Input your bank account number. Verify the bank account number again. Provide your PAN number in the specified area.
Once all the information is inputted, click the Save button to store the data. To modify the data and re-enter it, press the Reset button, and all details you have provided will be erased. Re-enter the accurate information and press the Save button to record NEFT details in LIC online.
7. Generate NEFT Form
If all the information is accurate, a Success message will appear on your screen below. Now, press OK to continue. On the subsequent screen, a new button will appear at the bottom of the page: Generate NEFT Form. Press the button to create the NEFT form for entering NEFT information in LIC online. The Form includes all the information regarding you, such as your policy number, name, mobile number, email ID, and the bank details you provided in the earlier step. This form will include two boxes specifically for your Cheque and PAN card pictures.
Print out the form, sign it, and add the date. You can either put your PAN card and CTS cheque in the specified area and scan the form, or scan the form first and then upload the already scanned images of the CTS cheque and PAN card in the designated spots.
8. Upload the Completed Form
Go back to the LIC portal and look for the “Upload” option in the NEFT section. Upload the filled-out form along with the scanned documents. Double-check to ensure all files are correctly attached.
Upon successful upload, a notification reads “Document Uploaded Successfully.” Now review the statement beneath the message, check the box to agree to it, and press the Submit button. Your process to register for NEFT in LIC online is now finished.
An email concerning this will be dispatched to your registered email ID about the successful update of your NEFT information in your policy. Follow the same procedure for each of your policies to input the NEFT information in LIC online.
Your NEFT registration won’t be completed until the LIC branch confirms the documents you’ve uploaded. If it’s taking longer than expected, you may contact the relevant branch to verify your NEFT request.
Tips to Avoid Common Mistakes
- Double-Check Your Details: A single typo in your account number or IFSC code can delay your payments.
- Use Clear Scans: Blurry or incomplete scans might lead to rejection.
- Keep a Copy: Save a copy of the filled form and attached documents for your records.
- Ensure Policy Updates: Make sure your LIC account reflects your latest personal details like phone number and email.
How Long Does the Process Take?
Once you’ve submitted the form, LIC typically processes it within 7-10 business days. You’ll be notified once your NEFT mandate is activated. After that, all payouts will be directly credited to your bank account. Convenient, isn’t it?
Benefits of Using NEFT for LIC Payments
Why should you go through the trouble of setting up NEFT? Here’s why:
- Speed – Payments are processed faster compared to cheques.
- Convenience – No need to visit LIC offices or banks.
- Security – Electronic transfers are safer and eliminate the risk of cheques getting lost.
- Environment-Friendly – Reduces paper usage and promotes digital transactions.
What If You Face Issues?
Sometimes, technology can throw a curveball. If you run into problems, here’s what you can do:
- Check FAQs on the LIC Website: Many common queries are answered there.
- Contact Customer Support: LIC’s helpline is usually helpful with resolving technical glitches.
- Visit Your Branch: If all else fails, a trip to your nearest LIC branch might be necessary.
Conclusion
Filling out the LIC NEFT form online might seem daunting at first, but with the right steps and a bit of preparation, it’s a breeze. Not only does it save you time and effort, but it also ensures your payouts are seamless and hassle-free. So, why wait? Get your NEFT form sorted today and enjoy the benefits of quick, secure payments. Happy policy managing!
FAQs
Q1 – Can I update my bank details later?
Yes, you can update your bank details by submitting a new NEFT form with the updated information.
Q2 – Is it mandatory to attach a canceled cheque?
While most cases require it, you can also attach a copy of your bank passbook or a bank statement with your account details and IFSC code as an alternative.
Q3 – What if I don’t receive confirmation after submitting the form?
Check your spam folder for emails or contact LIC’s customer care to verify the status.
Q4 – Can I use someone else’s bank account for NEFT?
No, the bank account must belong to the policyholder.
Q5 – Is there a fee for setting up NEFT with LIC?
No, LIC does not charge any fees for registering or processing NEFT payments.
