My LIC policy is maturing soon. How can I check if my bank account is correctly registered for the NEFT payment? Also, what should I do if the NEFT transfer fails for some reason?
You can check your NEFT registration status easily through the online LIC customer portal. If a claim credit fails, it is typically due to incorrect or outdated bank details. The issue must be resolved by submitting a new NEFT mandate form with the correct information to your LIC home branch.
How to Check Your NEFT Registration Status Online
My friend wanted to confirm that his bank details were up-to-date before his policy matured. I showed him the quickest way to check. He logged in to his account on the LIC customer portal. Inside his dashboard, he navigated to the ‘My Profile’ section, where it clearly displayed the bank account number and IFSC code that LIC had on record for his NEFT payments.
The Most Common Reason for NEFT Credit Failure
My father’s maturity payment was delayed, and the branch informed us that the NEFT credit had failed. When we investigated, we discovered the reason. His bank had merged with another bank the year before, and as a result, his branch’s IFSC code had become invalid. An outdated IFSC code or an incorrect account number is the most common reason for an NEFT payment to be rejected.
The Process to Resolve a Claim Credit Failure
The branch official explained the resolution process to us. My father had to fill out a new NEFT Mandate form with his current and correct bank account number and the new IFSC code. To verify these details, he was also required to attach a new cancelled cheque from that bank account.
Submitting the Documents and Receiving the Payment
My father submitted the new, correctly filled NEFT form and the cancelled cheque to his LIC home branch. The staff there updated his details in their system and immediately re-initiated the payment process. He was very relieved to receive the full maturity amount credited to his bank account about a week later. The branch manager stressed that any such failure must be resolved directly with the home branch.
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