LIC has NEFT as the payment option for their policyholders from the last few years. The procedure for a policy owner is to download LIC NEFT form, fill and submit it at a nearest LIC office for claims and getting maturity payments. LIC then deposits the survival/death benefit to the bank account of the policy owner through online transfer (NEFT). It was a well-working system until the recent COVID outbreak in India. Now with the lockdown and limited office timing, the company has finally come up with online registration for LIC NEFT details.

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