The Life Insurance Corporation of India (LIC) is one of the largest and most trusted life insurance providers in India. To enhance the convenience for policyholders, LIC has adopted the National Electronic Funds Transfer (NEFT) system for disbursing maturity and survival benefits directly to registered bank accounts.
Read moreIf you’re looking to check the NEFT status of your LIC policy online, this guide will walk you through the process.
NEFT stands for National Electronic Funds Transfer, a secure and efficient electronic system for transferring funds between bank accounts across India. This method allows LIC policyholders to receive their payments swiftly, eliminating the need for physical cheques and lengthy processing times.
Convenience: Payments are credited directly to your bank account.
Cost-Effective: There are no extra charges for receiving payments via NEFT.
Timely Notifications: Policyholders receive SMS or email notifications upon successful credit.
Easy Tracking: You can track your transaction status using a unique reference number.
Before you can check the NEFT status, ensure you have registered for the NEFT facility. Here’s how to do it online:
Visit the LIC Official Website of LIC of India
Click on the customer portal and log in using your credentials. If you’re a new user, select ‘New User’ to create an account.
Once logged in, a pop-up will prompt you to avail the NEFT facility. Click on the NEFT registration option under ‘Service Request’.
Read through the terms and conditions carefully, then click on the ‘Proceed’ tab.
Choose your registered policy number and click ‘Proceed’.
An OTP will be sent to your registered mobile number. Enter this OTP to validate your details.
Input your bank’s name, branch, IFSC code, type of account, and PAN number. Click ‘Save’.
Download the NEFT form, fill it out, and upload it. You’ll receive a confirmation message about the success or failure of your submission. You can track the NEFT request status via the portal.
Once you’ve registered for NEFT, you may want to check the status of your NEFT application. Here’s how to do it:
Log into the LIC Customer Portal: Visit the LIC website and log in using your credentials.
Select Service Request: Click on ‘Service Request’ in the dashboard.
Choose Track Request Status: In the left-hand panel, click on ‘Track Request Status’.
Select NEFT Registration: Choose ‘NEFT registration’ to view the status of your application.
View Your Status: You can check the status for all policies—whether accepted, cancelled, or rejected. Select the appropriate option to see the details.
To successfully register for NEFT, you will need to provide the following documents:
Cancelled Cheque: To verify your bank account.
PAN Card: For identity verification.
Policy Documents: Proof of your insurance policy.
Medical/Death Certificate: Required for claims, if applicable.
Bank Passbook: To confirm the name of the account holder.
The NEFT facility introduced by LIC simplifies the process of receiving maturity and survival benefits directly into your bank account. By following the steps outlined above, you can easily register for NEFT and check the status of your application online. This digital approach not only saves time but also enhances the overall customer experience.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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