56% of LIC's payments are through NEFT

LIC has made one crore payments to its policyholders through the National Electronic Fund Transfer (NEFT) channel. In other words, it has made more than one crore transactions in policy payouts through the NEFT route.

 Around 56 per cent of LIC's total payments to policyholders are made through NEFT. Policy payout means, any payment made by LIC to its customers in the form of claims, maturity benefits, policy loans, survival benefits, death claims and so on.

Along with customers, they have adopted the NEFT channel to make payments to their agents as well, which will include the commissions/salaries paid to them.

 

LIC has set up a customer contact campaign where all the payments in the current financial year will be effected through NEFT. NEFT facilitates the transfer of funds from one bank account to another in a simple, secure, safe and cost effective manner.

All LIC policyholders can complete the mandate for NEFT through the LIC website and send it to the respective branch offices. Six different policies can be included in a single mandate. However, for more than six policies additional mandates have to be filled in.