Recently, India’s biggest Life insurer LIC (Life Insurance Corporation) mandated the policy payments via NEFT. Informing all policyholders/ claimants, LIC confirmed that from. 1st October 2011, all policy payments will be directly credited to the Bank account of the policyholder. Kindly note that LIC will NOT settle the policy payment in any other mode of payments like cheque. Going forward only NEFT is to be used.
For LIC to know your bank details and seeking your permissions for NEFT, you will have to fill a mandate form and submit it to any LIC branch near to you.
You will also need to 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.
After submission of NEFT details, if there is any change in bank details then fresh mandate form will have to be submitted.
Please be also informed that bank details should match the policy holder / claimant details like name, address etc.
Download the NEFT mandate form, fill it up and hand it over along with respective enclosures, to the LIC branch servicing any of your policy for updating the Bank details.
Don’t miss it.