Monday, October 10, 2011

LIC Payment will be credited directly to your Bank Account through NEFT

In order to ensure faster credit of policy moneys with greater security and privacy, L.I.C of India will be crediting all payments ( Survival Benefit, Maturity, Loan, Surrenders, payments of Pension & Group Schemes etc., ) directly to the Bank Account of the Policyholder / Beneficiary w.e.f 01/10/2011. This is also in accordance with the transparency drive of the Government of India.

All our valued policyholders / Master Policy holders / Annuitants / claimants are requested to give the Bank Account details by downloading the Policy e-payments NEFT mandate form or P&GS mandate form using the link provided.

The completed mandate forms have to be handed over to any Branch office servicing at least one of the policy/policies listed in the mandate. P&GS Master policyholders/beneficiaries/annuitants are requested to complete the mandate form and hand them over to the servicing P&GS Unit. 

Click for LIC individual policy NEFT mandate:

Click for P&GS mandate:

The payment under your policy/ies will be to be credited, directly to your Bank account through electronic mode of payment only. For this purpose, we require your bank details for making the policy payment through NEFT (National Electronic Fund Transfer). The details of NEFT are described below. You are requested to submit the NEFT mandate along with necessary enclosures to settle the payment under your policy through NEFT. Kindly note, it is not possible for us to settle the policy payment in any other mode of payment like cheque.

1.         What is a NEFT ?
It is a nationwide system that facilitates to transfer a fund from one account of any bank branch to another account of any bank branch. This system is operated by Reserve Bank of India. For transfer of funds the participating banks have to be NEFT enabled. At present around 74000 Banks all over India are participating under NEFT system. For details please refer to RBI website on

2.         Advantages of NEFT system for LIC Policy holders / Annuitants :

a)     The policy holder / claimant will get the credit in his own account on the due date of payment irrespective of the location of his bank.
b)    NEFT will ensure speedier and secure mode of payment.
c)     There will be no extra charges to the policy holders / claimant.
d)    SMS and E-mail alerts may also be provided wherever the policy payment is made to the policyholder/ claimants’ account through NEFT.

e)     Each payment from LIC through NEFT will create one UTR(Unique Transaction Reference) number. If there is any problem in credit to the account, policy holders / claimant can confirm from their bank by quoting this UTR no. In other words it is easy to track a transaction of NEFT, using UTR number.

3.         important information to the Policy holder / claimants opting for NEFT :

a)     All the items mentioned in the enclosed mandate form should be filled correctly. This mandate can be used for 6 different policy numbers of the same policyholder..
b)    The completed mandate for NEFT should be sent to our Branch, servicing at least one of the policies, listed in the mandate.
c)     The policy holder / claimant should also submit either a cancelled blank cheque leaf or the photo copy of the page of the passbook / cheque book where details of the Bank account are mentioned.
d)   If within two days of the due date, the amount is not credited to your Bank Account, then  you
may contact the  branch where you have submitted the NEFT mandate.
d)    The account of the policy holder / annuitant should be operational at the time of receipt of policy payment.

e)     Before submitting the mandate form, the policyholder/ claimant should confirm from his bank that it is NEFT enabled.
f)     Policy holder’s/ claimants’ name under the policy should match with that of Bank A/c, else it is likely to be rejected.
g)    NRI accounts are guided by FEMA regulations; LIC has decided not to include NRI accounts for fund transfer. So policy holders / annuitants are requested not to submit their NRI account details.
h)     After submission of NEFT details, if there is any change in bank details then fresh mandate form will have to be submitted.

i)      If you are getting the annuity payments through ECS mode from our IPP cells, you may opt for payment by NEFT by submitting the mandate or continue to receive the annuity payment in the existing ECS mode.




LIFE INSURANCE CORPORATION OF INDIA Branch :-__________________________
Sub :  Receipt of policy payment through NEFT

I am giving below the details of my Bank account for receiving policy payment through NEFT.

(1)   Policy No/s

Name of policy holder/ claimant : ________________________________________

(2)    Bank Name :   _______________________________________________

(3)    Bank  Branch Address : ______________________________________________

(4)    Account Type : Savings/Current/Cash Credit/NRI ____________________

(5)    Account No.
( Bank account number should be written from left to right)

(6)    IFS Code :

(7)      Mobile number. : + 9 1
(8)    E-Mail Id : _________________________________________________

(9)    Are you willing to receive SMS/E-mail, on  matters related  to  your LIC policies  : *
Yes     no

I have enclosed the following document to this effect. (Please √  appropriate item)
A. Cancelled cheque leaf

B.  if cheque is not having the name of bank holder then Photo copy of the page of Bank pass book containing details of Bank accounts number, IFS code


Signature of the policy holder                                                      Date :

(In case of change in Bank details, please fill this mandate form again and submit the same to Our Branch office)

*If your answer to Q no 9 is ‘Yes’, then we will be able to send you a message when LIC transfers money to your Account through NEFT. This message will contain the UTR (Unique Transaction Reference) number which can be used to make any enquiry regarding the payment.


No comments:

Post a Comment

Don't hesitate to express yourself. Please write your valuable comments.

This Month's Popular Posts

Top Generated search terms/ keywords used by our visitors to  arrive in Central Government Employee News.
* 7th Pay Commission – Estimated Pay Scales shows substantial increase in salary for CG Employees
* Projected 7th CPC Pay for each cadre/Post, Pension and all service matter: Submission of oral evidence by BPMS
* Expected Pension / Family Pension Table in 7th Pay Commission
* 7th Pay Commission will bring fortune for central government employees
* Decisions taken National Joint Council of Action meeting held on 16.02.2015 on 7th CPC, DA Merger issues
* Importance of other allowances in 7th CPC report
* Modi Government is set to big announcement on Budget in view of 7th Pay Commission Read more
* 7th CPC may recommend no increment for lazy central government employees
* Budget demand for Seventh Pay Commission Read more
* Expected DA DR from July 2015: AICPIN released for Feb, 2015
* Government refused interim relief and merger of dearness allowance, assured for 7th CPC report on time
* Meetings Schedule of 7th Pay Commission with Union/Association
* 7th Pay Commission is likely to seek extension, delay in report is expected
* What central government employees can expect from the 7th Pay Commission
* Proposal to 7th CPC: 3.7 multiplication factor, Minimum Wage of Rs.26000/-, 5% Increment rate, 5 promotions, HRA - 60%,40%,20%, Wage ratio 1:8, CEA for Higher Studies, Minimum Pension 67%
* 7th Pay commission may drop the Pay Band-Grade Pay System
* Budget: Government may relax LTC norms to boost tourism
* New Pension Scheme in Railways may be scrapped
* Pension can’t be less than 50% of pay: Supreme Court
* Guidelines for Educational Qualifications and Experience for framing/ amendment of Recruitment Rules
* Income Tax Exemption Limit in the Budget 2015-16
* Budget will decide actual date of implementation of 7th Pay Commission
* Seventh Pay Commission likely to submit report in October 2015
* Schedule for Admission in Kendriya Vidyalayas for the year 2015-16 Click for form & more
* Budget 2015: Income tax expectations for the salaried from PM Narendra Modi's government
*  Meeting by 7th CPC
* Latest on One Rank One Pension 
* Revised Railway Concessional Certificate Forms
Adhar Based Biometric Attendence System
Update on Bank Staff Wages Revision  
Usage of Other Bank's ATM: RBI Clarification
* Time to reform CGHS: An article  
* Pre-2006 Pensioner Case: Law Ministry's Advice
* Latest on Income Tax
* 7th CPC News   Terms of Reference  Composition  Demands
* Cadre Restructuring * Income Tax CBEC  * CAT Order
* Interim Relief   * Merger of DA  *  7th CPC Interim Report
* MACP on Promotional Hierarchy: Latest Update
* Pension Arrears from 01.01.2006 as per Court Order
* Frequently Asked Questions on Service Matters
* Job on Deputation/Absorption/Contract for Retired/Working
List of Gazetted/Restricted Holidays 2015
* One Rank One Pension Orders * Impact of DA Merger

All Time Popular Posts

Recent Comments