LIC introduces Electronic Funds Transfer for all payments from 1st Oct

In order to ensure faster credit of policy monies with greater security and privacy, from 1st October'2011, LIC of India will be crediting all payments (i.e. Survival Benefit, Maturity, Loan, Surrenders, payments of Pension & Group Schemes etc., ) directly to the Bank Account of the Policyholder / Beneficiary.

What is a Electronic funds transfer?
Electronic funds transfer or EFT is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

What it means to you?
All the LIC policyholders / Master Policy holders / Annuitants / claimants have to give the Bank Account details for EFT by downloading the Policy e-payments NEFT mandate form or P&GS mandate form.

Where do I get the above forms?
You can download it from LIC website or from here - neft_format.pdf P&GS_Mandate_Form.pdf

Advantages of Electronic funds transfer
1- The policy holder / annuitant will get the credit in a bank on the same day irrespective of the location of his bank.
2- There will be no extra charges to the policy holders / annuitants.
3- SMS and E-mail alert facility may also be provided by our bank whenever the fund is transferred to the policy holder /annuitant’s account by the Electronic Mode
4- Each payment from LIC through Electronic Mode will create one UID(Unique Identity No). If there is any problem in credit to the account, Master policy holders / annu their bank by quoting this UID no.

Where can I submit above forms?
The completed mandate forms have to be handed over to any Branch office servicing at least one of the policy/policies listed in the mandate.
P&GS Master policyholders/beneficiaries/annuitants mandate form can be handed over to the servicing P&GS Unit.

What to do, if I would not recieve my payments via EFT?
If within two days of the due date the amount is not credited to the policyholder's bank account, then they may contact respective servicing unit or email at (1) co_pgsfund_sch@licindia.com, (2) co_pgssss@licindia.com or (3) co_pgsanty@licindia.com or write to - P& GS Department, Central Office, 5th floor, ‘Yogakshema’, Jeevan Bima Marg, Mumbai – 400 021.