Life Insurance Corporation of India (LIC) has signed a Memorandum of Understanding (MoU)
with Dhanlaxmi Bank to facilitate electronic transfer of funds to its policyholders.
To increase security and privacy of the policy money, and to speed up the credit process, LIC has taken a decision to credit all payments directly to the policyholder’s bank account. Payments include Maturity Benefit, Survival Benefit, Surrender Benefit, Pensions; Money on Group Schemes, Loans etc.
The credit of funds to LIC policyholders' bank accounts will be done through National Electronic Funds Transfer (NEFT) mode. This move will benefit not only Dhanlaxmi bank customers who have an LIC policy but also LIC policyholders who have accounts with other banks.
Instead of the customary process of LIC sending the cheques through postal services and customers depositing in their bank accounts, e-payment will now happen within 24 hours. This means that policyholders will get fast access to their money making the process hassle free and smooth.
Also Read - Important announcement for all LIC customers
