If you hold an LIC policy, NEFT registration is one of the most important steps to receive your policy benefits without delays. Whether you are expecting a maturity payout, money-back payment, death claim, or any survival benefit, having NEFT details updated ensures the money reaches your bank account quickly and securely.
I am Shankar Krishna Sawant, your trusted LIC Insurance Advisor in Bardez, North Goa. From my office at H No 585/4, Malim Betim, Penha de France, near Datta Mandir, I help LIC policyholders register and update their NEFT details efficiently to avoid unnecessary processing delays during important payouts.
NEFT (National Electronic Funds Transfer) is a facility that allows LIC to transfer all policy-related payments directly into your bank account. Instead of receiving cheques, you get the payment credited instantly and securely to your account. LIC has made NEFT registration mandatory for most policies to simplify and speed up the disbursal process.
I often meet policyholders who miss their benefits simply because NEFT wasn’t updated or registered on time. Here’s why you should not delay this:
Faster Payment: No waiting for cheques or visiting the branch to encash.
Secure Transfers: LIC sends the money directly to your registered bank account.
Mandatory for Claims: NEFT is compulsory to receive any death claim, maturity amount, or money-back payout.
Error-Free Process: Avoid errors caused by manual cheque processing or courier delays.
To register for NEFT, you need:
Cancelled cheque with your name printed
Bank passbook copy (if the cheque doesn’t have your name)
NEFT mandate form (duly filled and signed)
A copy of your LIC policy or policy number
I personally help collect, verify, and submit these documents, ensuring they are accurate and complete to avoid rejection.
When you visit me in Bardez, I start with:
Verifying your policy status
Helping you fill out the NEFT mandate form
Collecting the correct bank documents
Submitting the request to the LIC branch
Confirming your registration status
I also guide you if you need to update your mobile number or email ID, which are often needed for OTP verification and alerts during payment transfers.
Recently, a policyholder from Penha de France was due to receive a survival benefit of ₹50,000. But without NEFT details, the process was stuck. I helped him complete NEFT registration, and the amount got credited to his bank account within just a few days.