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LIC crosses 1 crore mark in policy payout through NEFT

Posted on Oct 30, 07:49PM | UNI

The Life Insurance Corporation of India (LIC) today said that it had created a history of sorts by crossing the mark of one crore in payments to its policyholders through National Electronic Fund Transfer (NEFT).

Nearly 56 per cent of LIC's total payments to policyholders had already been made under NEFT.

For achieving this, LIC has already set up a customer contact campaign, whereby all the payments in the current financial year will be effected through NEFT, a release said.

NEFT is a nationwide system that facilitates the transfer of funds from one bank account to another. This is a simple, secure, safe, cost effective and quick way of getting payments.

A policyholder has to do is to complete the mandate for NEFT and send it to the LIC branch office. Six different policies can be included in a single mandate. For more than six policies additional mandates have to be filled in.

The policyholder/ claimant has to submit either a cancelled blank cheque leaf or a certified photocopy of the passbook / cheque leaf where details of the Bank account are mentioned.

The advantages to an LIC policyholder or claimant are many such as secure and speedier mode of payment effected at no extra cost, SMS alerts and e-mail alerts for payment information to the policyholders. Their account is credited on the due date, irrespective of the location of the LIC branch, the release added.