Adding an Account Number to Your LIC Policy: A Comprehensive Guide
As an Insurance and Investment Consultant, one of the most common queries I receive is about how to add or update an account number for your LIC (Life Insurance Corporation of India) policy. The process is straightforward and can be completed at your nearest LIC branch. Follow this step-by-step guide to ensure that your account number is updated correctly.
What is NEFT Mandate Form?
NEFT Mandate Form is a crucial document used by the Life Insurance Corporation (LIC) to set up and manage the electronic fund transfer (EFT) mechanism for policyholders. This form helps in automating the process of depositing premiums and receiving refunds or other payments directly into your account. It is an essential step to maintain the smooth flow of financial transactions related to your policy.
Steps to Add an Account Number to Your LIC Policy
Below are the detailed steps to add an account number to your LIC policy:
Visit Your Nearest LIC Branch
The first step is to visit your local LIC branch. You can find the nearest branch through the LIC website. Make sure to choose a day when the branch is open and prepare to spend some time there for the process.
Fill Out the NEFT Mandate Form
Once you are inside the branch, the first thing you will need to do is to fill out the NEFT Mandate Form. The form is available in every branch and is a standardized document provided by the LIC. You will need to fill out the form carefully, ensuring that all the details are accurate and complete.
Required Information for the NEFT Mandate Form
Your Name and Policy Number Account Holder's Name as per Bank Account Bank Account Number Branch Name of Your Bank IFSC Code of Your Bank Branch Contact DetailsAttach Canceled Cheque Leaf
Attach a canceled cheque leaf of your bank account. This is necessary to verify your bank details and ensure that the mandate form is valid. The canceled cheque leaf should be the last page of the cheque, bearing the MICR code, which is a critical identifying feature.
Attach Self-Attested Xerox Copies
Alternatively, you can also submit self-attested photocopies of your bank passbook and canceled cheque leaf. Ensure that these documents are well-copied and clearly visible to avoid any confusion during processing.
Self-Attested Document Guidelines
Self-attested documents need to be signed on the back and marked as self-attested with your signature and the date of attestation. Ensure that the copies are of good quality and clearly legible. Evidence of signature attestation should be provided, such as a notary seal or an official stamp if available.Submit the Completed Mandate Form
Finally, after filling out the NEFT Mandate Form and ensuring that all required documents are attached, submit the form along with the supporting documents to your branch. The staff at the counter will then process your submission and update your policy records with the new bank account details.
Confirm the Process
It is advisable to follow up with the branch to confirm that your application has been received and is being processed. You can also check the status on the LIC official website or through the mobile app.
Conclusion
Adding or updating your account number for an LIC policy is a simple process that ensures you are fully covered and can easily manage your premiums. By following these steps, you can rest assured that your financial management with LIC is streamlined and effortless. Should you have any further questions, feel free to reach out to your local LIC branch or visit their official website for more information.