Friday, 16 September 2011

LIC payments directly to your bank account

Life Insurance Corporation of India will send all payments including Survival Benefit, Maturity, Loan, Surrenders, and payments of Pension & Group Schemes etc., directly to your bank account.  This is for ensuring speedy deposit of money to your bank account and also as per the transparency drive of the Government of India.

This facility will start immediately from 01st October, 2011. All insurance policy holders and beneficiaries of LIC are requested to submit their Bank account details by filling e-payment mandate form to any of the servicing LIC office which holds at least one of your policies listed in the e-payment mandate.

Individual policy holders should submit e-payment NEFT (National Electronic Funds Transfer) Mandate and P&GS (Pension & Group Schemes) Master policy holders. Beneficiaries, annuitants etc. should submit P&GS Mandate.

The form is very simple to fill which asks

Policy numbers (You can fill all your LIC policies in one format)

Name of the policy holder/Claimant (Should be exactly match with the name of your Bank Account)

Name of your Bank (Check whether your bank is NEFT enabled)

Address of your Bank Branch

Type of your Bank Account (Savings a/c, Current a/c etc.)

Bank Account Number (Please do not submit your NRI Account Number – NRI Accounts are guided by FEMA regulations and LIC decided not to transfer to NRI A/c)

IFS Code of your Bank (available from your check leaf)

Your Mobile Number

E-mail ID (better to fill email ID in Capital Letters)

Fill you consent, whether you are ready to receive SMS/e-mail alert related with your policies.

You should enclose a Cancelled Cheque Leaf and the copy of the relevant page of your Pass Book which contains your Name, Bank Account Number and IFS Code (If your cheque leaf does not contains your name)

If there is any further change in any of the details submitted, you should submit the format again with the changed details. If you are receiving annuity payment through ECS mode you can opt to continue ECS mode or NEFT transfer.

If you didn’t get the amount by NEFT after two days of the due date of the payment, the policy holder should contact the concerned LIC branch where the payment is due.

Advantages tothe Policy holder

If the policy holder shifted to any location, he can get the amount credited in his/her bank account in time with speed, accuracy and security without any extra charges.

SMS & email facility help you to know the transfer in time.

The Transfer is supported with Unique Identity No (UID) and the customer can track the transaction easily.

Both the forms (for individual Insurance policy holders & P&GS policy holders) are available from all Life Insurance Corporation offices or can be downloaded from the following links.

Individual Policy NEFT mandate

P&GS mandate

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