LIC of India has made an important announcement for all its policyholders and beneficiaries in
newspapers and on its website.
To increase security and privacy of the policy money, and to speed up the credit process, Life Insurance Corporation of India (LIC) will be crediting all payments directly to the policyholder’s bank account. Payments include Maturity Benefit, Survival Benefit, Surrender Benefit, Pensions; Money on Group Schemes, Loans etc.
LIC has requested all its Policyholders / Master Policy holders / Annuitants / Claimants to submit their bank account details.
LIC customers can give their bank details for electronic payments by filling a NEFT mandate form or Pension and Group Schemes(P&GS) mandate form. Please click here for NEFT Form or P&GS Form
Electronic Mode of Payment is a nationwide system operated by Reserve Bank of India (RBI), and is used to transfer funds from one bank account to another.
Advantages of Electronic Mode of Payment for LIC Customers:
. No extra charge to the policyholder
. Money credited to bank account on the same day of the due date irrespective of the location
. Alert via SMS or email by the bank on transfer of funds
. Every payment will have a Unique Identity No (UID) to track the transaction
. If there is any problem in transfer process, policyholder can confirm with their bank using the UID no
After filling the form, customers must submit it at any branch office servicing at least one of the policy / policies listed in the mandate.
Pension and Group Scheme master policyholders/ beneficiaries/ annuitants are requested to complete the mandate form and hand them over to the servicing P&GS Unit.
Please also note LIC office address:
Life Insurance Corporation of India,
Central Office, Yogakshema, Jeevan Bima Marg,
P.O. Box No. 19953,
Mumbai - 400021
Email id: co_crm@licindia.com
This new payment process will be effective from October 1st, 2011 and is in accordance with the transparency drive of Government of India.
