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.
INFORMATION TO POLICYHOLDERS ABOUT POLICY PAYMENT BY NEFT AND INSTRUCTIONS
ABOUT SUBMITTING NEFT MANDATE FORM
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
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 http://www.rbi.org.in/scripts/neft.aspx
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
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
the branch where you have submitted the
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
f)Policy holder’s/ claimants’ name
under the policy should match with that of Bank A/c, else it is likely to be
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
h)After submission of NEFT details,
if there is any change in bank details then fresh mandate form will have to be
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.
INSURANCE CORPORATION OF INDIA
NATIONAL ELECTRONIC FUNDS
TRANSFER – MANDATE FORM
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.
Name of policy holder/
claimant : ________________________________________
(2)Bank Name :
case of change in Bank details, please fill this mandate form again and submit
the same to OurBranch 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