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14 Comments/ July 12, 2023
LIC had been issuing Cheques for settling insurance claims and also for making maturity/ other benefits payments until 2011.
Since 2012, LIC has made it mandatory for the policy holder to submit ‘NEFT Mandate form’ to receive any type of payments from the insurer.
Until recently, Customers or policy holders can submit the details of their bank accounts to LIC through NEFT Form offline mode only.
Good news! LIC has recently launched an online provision @ customer portal for submitting ‘LIC NEFT Mandate Form’ online.
In case, you are an LIC policy holder and not yet registered your NEFT mandate with LIC, you can now submit the form online. Kindly go through the below procedure..
Latest Article :
- To submit LIC NEFT Mandate form online, you should have login credentials to access ‘customer portal‘ of LIC. (Click on ‘new user’ to create USER ID. Else, click on Registered user to login.)
- As soon as you login to the customer portal, you will now be prompted with the below message.
- “Online NEFT Registrationfacility is now available to Customer Portal users. To avail the facility,click here.”
- In the next screen, you can select ‘NEFT Registration’ option under ‘Select Service Request’.
- Check (tick) the Terms & Conditions option and click on Proceed button.
- In the next screen, kindly select the enrolled 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. You need to key-in the OTP and verify.
- In the next page (Customer information), you need to enter IFSC Code, Bank Name, Branch Name & address, Account Type, and PAN number.Click on the Save button.
- You will see a message – Data saved successfully. Click on Generate Form to download the NEFT form.
- Once you generate filled NEFT Mandate form, download it and you now need to placethe Cancelled Cheque leaf and copy of PAN in the designated positions.
- You then need to scan the form and upload it. Once you upload the document, system will display the success / failure message.
- The scanned copy of the document should be in pdf, jpeg, png, gif, bmp, tif or tiff format.
- The file size should not exceed 200 KB and file name should not exceed 40 characters.
- You can track the ‘NEFT mandate’ registration status at ‘Track Request Status’ link. You will also receive a Message on updation of NEFT Details.
- The Bank details provided by you will be used by LIC for any further policy payments under your policy.
Continue reading :
- Life Insurance Money back Plan Return Calculation | Do-it-yourself guide!
- Life Insurance Endowment Plan Return Calculation | Do-it-yourself guide!
(Post first published on : 21-July-2020)
About The Author
Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 13 years through his firm ReLakhs Financial Services . He is not associated with any Financial product / service provider. The main aim of his blog is to "help investors take informed financial decisions." "Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. The information provided, therefore, should not be viewed as financial, legal, accounting, tax or investment advice."
kabiraj padhy says:
September 4, 2023 at 4:18 pm
already registered NEFT online But upload another file so I want to cancel
Reply
Juhi says:
February 15, 2021 at 11:07 am
Hello Sreekanth, I have submitted the NEFT form , still the request is showing as process initiated . Kindly let me how much time it takes to fulfill the request.
Reply
logesh says:
December 5, 2020 at 1:16 pm
when i try to update the neft details in the new link, it not showing any policies to select to proceed.
I have already enabled the premium services also.
Reply
Guruprasad says:
October 30, 2020 at 1:13 pm
One update from my recent experience:
I already had the NEFT updated for my policies couple of years ago. Recently, i had to close the bank account linked to these policies. The online NEFT from LIC does not allow us to update.
This is for the LIC to provide as an additional online feature.
Reply
Srilatha says:
October 11, 2020 at 6:37 pm
Hi Sreekanth,
I have given physical copies to the branch long back. Is there anyway I can see the linked bank details in the LIC site.?
I tried providing the details online now but my policy is not showing up in the list . P
Reply
Karan says:
October 3, 2020 at 4:14 pm
Hi,
I have submitted online NEFT registration in August 2020, still the status is open. How long does it take? there is no response from LIC branch office.
Reply
Kumar says:
September 12, 2020 at 4:36 am
Hi Srikanth, it’s been two months that I have submitted my NEFF request and no updates till now. I tried sending an email to home branch, no response.
Reply
Bhautik V. Vaidya says:
September 1, 2020 at 2:18 am
I have LIC Policies for me and my family members. From the time I opened the policies (1999 onward) I have registered for ECS / Auto payment. Now form last 2 years do not know why some of my premiums are not getting auto paid. LIC portal so bad that because I have auto payment regd they do not allow manual payment. Also, the new online NACH facility is not available for all my polices. The stupid thing is that once penalty is levied on me they allow me online manual payment. Online complaint is not working! All my emails to branch and zonal office are waste of my time. They are not responding to my any communication. Seriously feeling so sad that once this LIC Team was so nice and now they are so worst and useless. If any one knows the way forward to make a fresh NACH or pay premiums remotely to avoid penalties then please help me. I am residing outside India so unable to visit the branch and make all paper works physically.
Reply
Sreekanth Reddy says:September 1, 2020 at 5:06 pm
Dear Bhautik,
Did you take these policies through any intermediary (agent)?
If yes, are you in contact with him/her?Reply
Sreekanth Reddy 
prashanth says:
August 12, 2020 at 12:07 pm
Thank you sreekanth.. i have one policy which is matured in march, will follow the above steps.
Thank you once again.. iam avid reader of your blog..
Reply
- Sreekanth Reddy says:
August 12, 2020 at 7:27 pm
Dear prashanth..Thank you for your appreciation and being my loyal blog reader!
Reply
Mahesh Awasthi says:
July 26, 2020 at 12:01 pm
Hi Srikanth, with the current COVID situation I think your blog on Online NEFT Mandate is of great help. I will try to update the NEFT mandate by the same process;in case of any challenge will reach out to you.
Reply
VIPAN KUMAR VERMA says:
July 23, 2020 at 8:23 pm
Thanks from providing great service to public without any charges, I hope your good self shall carry on this types welfare service to punlic.
Reply
- Sreekanth Reddy says:
July 24, 2020 at 6:41 pm
Dear VIPAN ji,
Thank so much for your appreciation and kind words!
Keep visiting ReLakhs.com!Reply
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