How to register LIC NEFT Mandate online to receive maturity benefits?

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You may be aware that LIC started issuing maturity or survival benefits directly to your bank accounts rather than issuing the cheque. Going one step ahead, LIC recently launched the facility to register LIC NEFT Mandate online to receive your maturity or survival benefits directly to your bank account.

From 2012, LIC has made it mandatory for all the policyholders to submit the NEFT Mandate form to receive any type of payments from the insurer like survival or maturity benefits.

However, this submission of the NEFT Mandate form was offline only. But avoiding the hassles of visiting the branch and especially during this Covid 19 period, LIC launched the facility to register LIC NEFT Mandate online to receive maturity benefits or survival benefits.

If you are a LIC policyholder and not yet registered your NEFT mandate with LIC, you can now submit the form online.

How to register LIC NEFT Mandate online to receive maturity benefits?

Let us see the procedure to register LIC NEFT Mandate online to receive maturity benefits.

The primary eligibility to register LIC NEFT Mandate online is that you should have login credentials to access the customer portal of LIC.

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# Visit the ‘customer portal‘ of LIC. If not registered, then create a login by clicking on “New User”. However, if you have already created the login, then directly click on the tab “Registered User”.

register LIC NEFT Mandate online

# Once you login to the customer portal, you will now be prompted with the message “Online NEFT Registration facility is now available to Customer Portal users. To avail the facility, click here.”. Click on that link.

Online NEFT Registration

# In the next screen, from dropdown, select ‘NEFT Registration’ option under ‘Select Service Request’.

  • Check the Terms & Conditions option and click on the Proceed tab.
  • Next, select the enrolled policy numbers and click on the proceed button.
  • The system will generate OTP and send it on your registered mobile number and E-mail ID. You need to enter the OTP to verify your credentials.
  • After that, you have to enter the IFSC Code, Bank Name, Branch Name and address, Account Type, and PAN number. After this, click on the Save tab.
  • You will see the 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 place the Cancelled Cheque leaf and copy of PAN in the positions meant for them.
  • You have to scan the form and upload it. Once you upload the document, the system will display the success/failure message. While uploading, make sure of these below-mentioned conditions.
    • 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 the file name should not exceed 40 characters.
  • You can track the ‘NEFT mandate’ registration status at the ‘Track Request Status’ link. You will also receive a Message on successful registration of LIC NEFT Mandate online.
    • The Bank details provided by you will be used by LIC for any further policy payments under your policy.

Conclusion:-I think this is the one more great step by LIC to make sure that the maturity or survival benefits should be received directly to the beneficiaries’ account and also no need to visit the branch for such small tasks.

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Basu Nivesh
Basav is a SEBI Registered Investment Adviser (SEBI RIA) practicing the Fee-Only Financial Planning Service. He is a CFP (Certified Financial Planner) and blogger at Basu Nivesh. He services around 300+ satisfied clients.
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