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Submit LIC NEFT Details Online & Get Your Payments Directly into Bank Account

Submit LIC NEFT Details Online & Get Your Payments Directly into Bank Account

by | Aug 28, 2020 | Awareness

Easily Submit LIC NEFT Details Online

Post Views: 8,304

As we know, LIC had been issuing Cheques to settle insurance claims, maturities, and other benefits until 2011. After that, LIC made it mandatory for the policyholder to submit the “NEFT Mandate Form” to receive any type of payment. Therefore, policyholders started submitting their bank account details via the offline mode “NEFT Mandate Form”. As we see, LIC regularly adds more and more important services to its online portal that are more useful to us. Especially, in these days of pandemic situations, we cannot move freely. Good news! The corporation has launched an online provision on Jul 1, 2020, for submitting ‘LIC NEFT Mandate Form’ Online. No need to visit LIC Office, stay safe at your home and you can register the NEFT Mandate Form details online.

Why do we need to submit the NEFT Details?

Currently, the corporation settles all its claims directly into the policyholder’s bank account. Therefore, the NEFT details must be recorded in the policy; otherwise, the payment will not be processed.

How can I submit the NEFT Mandate Form Online?

Before you start the process of registering the NEFT details you must have the following things ready. Firstly, you must be a registered user on the LIC’s e-Service portal. Here, we are assuming that you are already registered on the LIC e-Services portal.

  • Scanned Copy – Cheque, Signature & PAN Card

So let’s see the NEFT Details registration process online.

Tick MarkSTEP 1: Log in to LIC’s e-Services Customer Portal

Log in to your LIC e-Services account using your User ID and Password at LIC’s e-Services Login.

Log in to LIC's e-Services Portal After successfully logging in, you will see a flash message of “Online NEFT Registration facility is now available to Customer Portal Users. To avail, the facility, click here”. Successful Log in to LIC's e-Services Portal Here, you have two options to proceed with. Click on the link “Click Here” directly. Or, you can also take the option by clicking on “Individual Policy Details”. If you take this option then the next screen will look like this. Click on Service Request

Tick MarkSTEP 2: Select Service Request

Here, you have to take the option “Service Request”, click here. Next screen will appear like this: After Click on Click Here If you had taken the option of “Click Here” then also, you would have come up to this page. Select Service Request to NEFT Registration from Dropdown Menu like this: Select NEFT Registration from Drop Down Menu If you have selected NEFT Registration then the next screen will appear like this: Check Condition and Click on Proceed Here, you see the required documents along with the conditions you have to follow. Make sure you must have the scan copy of:

  • Your Signature,
  • Bank Account Cheque &
  • Your PAN Card

Tick MarkSTEP 3: Select one of the Eligible Policies

Now, click on the checkbox that you have understood the conditions and want to proceed ahead. Click on the “Proceed” button. It will take you to Policy No. selection page like this: Select Eligible Policy Number and Click on Proceed

Tick MarkSTEP 4: Enter OTP

Here, you can see the number of eligible policies. It depends upon how many policies you have taken. You have to submit NEFT Details for each and every policy. Here, select any one policy no. and click on “Proceed”. It will redirect you to the OTP screen as: Enter OTP and Click on Submit You will receive an SMS for 6 digits OTP on your mobile no. like this: SMS for OTP

Tick MarkSTEP 5: Enter IFSC Code, Account Type, Account No. & PAN

After entering OTP, click on “Submit”. Sometimes, you do not receive SMS, SMS is delayed, Correct SMS is said to be wrong. So, don’t panic and take the “Resend SMS” option. If it is successfully validated then you see the NEFT Form: Enter NEFT Form Details and Click on Save Here, you have to fill your Bank Account IFSC Code. Other details like Bank Name, Branch Name, and Branch Address will appear automatically. Then, select the account type like Saving or Current. Enter the same account no. in both boxes. Then, fill your PAN Card no. The email address is auto-selected. Click on the “Save” button. Next, the screen will show you a confirmation as Success: Data Saved Successfully and Click on Generate Form Click on the “Ok” button. At the bottom, you can see an option for generating NEFT Form is active. Click on it to generate. You will receive a pop up asking for a file name to save the generated file or just click save. The system will give some names automatically. Your file is ready in (pdf) format which you cannot edit easily. We will share with you some convenient ways to edit it. Now, you can log out of the portal. We will make a downloaded pdf file ready to upload. NEFT Form - Filled

Tick MarkSTEP 6: Modify the downloaded file

Open this link to convert pdf file to PowerPoint file online easily – https://www.ilovepdf.com/pdf_to_powerpoint Site to Convert PDF to PPT Select the PDF file path and it will convert into PPT. A dialogue box will appear to save the converted PPT file. Open it to edit as required. Knowledge of basic PowerPoint function is needed like Change Theme Colour, Change Image Colour as Grey, Remove Hyperlink, Add Text, and Rotate Text, and so on: NEFT Form Edited Once you complete editing then save this file as JPG format. How? Press F12 or take the “Save As” option. Give a new file name like NEFT Registration Form and don’t forget to change “Save As Type”. Select “JPEG File Interchange Format” from the drop-down list. Save As File Now, you have a JPG file ready to upload. But, the problem is its file size. If it is up to 200 KB then it is OK. Otherwise, we have to reduce the size. How? Open this link to reduce the size online – https://www.imgonline.com.ua/eng/compress-image-size.php Reduce Image File Size Just select your image, enter 200 in Compress jpg-file, select No in Copy EXIF and other metadata, and leave other default settings. Click on “Ok”, you will get the same file reduced up to 200 KB. This file is ready to upload.

Tick MarkSTEP 7: Log in to LIC’s e-Services Customer Portal again

Login to your LIC’s e-Services Portal again and move ahead as we did. This time you will see an Alert – “You already have a service request / incomplete. Click on the “Ok” button to complete the same”. Ask to Complete Pending Request

Tick MarkSTEP 8: Upload the prepared image file

Click on the “Ok” button. Now, you will get an active option of Browse. Here, you click on it and give the file path. After Browse Click on Upload

Tick MarkSTEP 9: Check all the boxes

When you click on Upload then it takes time to upload on the server. After sometimes, you will get a confirmation like – Document Uploaded Successfully: Uploaded Successfully Check All and Click on Submit Now, it’s time to accept the conditions and click on the “Submit” button. You will get the final confirmation like – The NEFT Data Capture as per your Service request no. 20211XXXXXX496 will be effected and accordingly intimating will be sent to your mobile number & e-mail id registered with us. Registration Successful If you have multiple eligible policies then you can click to the “Yes” button and repeat the process. You will get an SMS confirmation like: NEFT Data Captured You will also get e-mail confirmation such as: Email Confirmation

Tick MarkSTEP 10: Check the request status

You can track your request process progress here: Track Request Status Thus, we are very confident that your NEFT details will be registered correctly without errors. This method is tried and tested.

Also, read this – Top Reasons Why Insurance is Important in Our Everyday Life?

Top Reasons Why Insurance is Important in Our Everyday Life?

Top Reasons Why Insurance is Important in Our Everyday Life?

by | Jul 15, 2020 | Awareness

Top Reasons Why Insurance is Important

Post Views: 8,574

As we know, there are a variety of insurance plans like life insurance plans, term insurance, medical insurance, home insurance, and many more. Insurance is complicated. It is not like buying a car or food. When you buy insurance it means you are buying a promise. It’s a promise that if something disastrous happens to you or your business, your insurance company will help get you or your business whole again.

The purpose of any insurance plan is to offer you protection. Therefore, providing protection means justifying your risk is the simple reason for insurance. Sometimes the value of insurance seems an attractive question because it is an intangible product. Our small investments in any insurance plan allow us to be stress-free with security in advance.

Human desires never end, resulting in expense rather than profit in many people’s lives. In such circumstances, it is difficult to save a certain amount. The insurance policy plays an important role in developing the habit of saving. You can set your policy in automatic payment mode so that a specific amount of money is automatically deducted on a monthly or quarterly basis depending on the insurance plan.

Top Reasons Why Insurance is Important

Insurance Keeps Our Business Moving

Who does not know about the September 11 attacks? There were many concerns about insurance coverage. Acts of war are not covered by insurance. War is generally considered an uninsurable catastrophic risk (although some companies offer war insurance) and are not covered by terrorism insurance. Therefore, please read the policy documents carefully.

Insurance Provides Safety and Protection

We know that our life is uncertain. Anytime, anywhere, we have to find a way to throw up surprises when we least expect it. Insurance is essential to face an unforeseen event of this type.

In recent years, the number of people dying at a young age has increased significantly. If you are the only member of your family who makes money and if something happens to you, a life insurance policy will help you secure the future of your loved ones and help them cover your financial expenses such as debt, pay off the loan and maintain a decent standard of living.

The life insurance policy protects our family from the financial burden in the event of our unfortunate death. Not only this, but it also provides maturity benefits, resulting in a great deal of savings for the future.

Insurance Manages Risk and Protection

Many times you have heard that the bank insists on taking out insurance against the loan. Now, the question is why the lender requires insurance. The reason is very simple: in the event of mishappening, the lender is free from stress to recover the loan amount from the insurance. Your family does not need to pay off your loan in your absence. Here, the insurance covers the risk and provides protection against the financial burden of your loved ones. Provides effective risk management in life. The main enemy of life is uncertainties and one can plan for the uncertainties of life with insurance. The risk of getting sick, the risk of losing your car, the risk of an accident while riding a bicycle, the risk of your own death, and more can all be addressed with an effective insurance policy.

Insurance Secures Future Goals

Your current lifestyle can be good and stable with your steady stream of income. This income is good enough to meet your family’s lifestyle requirements. But what will happen, if you have to face life’s disastrous misfortune? How will your family meet future needs without you?

This is where term insurance plans play a vital role. Secure the future of your family. So, buy a term insurance plan with an affordable premium cost. You will help your family receive a lump sum or monthly payment to help them meet their financial needs.

Insurance is Compulsory

Insurance is important because sometimes it is the law. A great example of this is car insurance. Helps mitigate the risk of life on the road. Workers’ compensation is a mandatory form of insurance that is required in most states.

Insurance Provides Peace of Mind

Who doesn’t want to live a peaceful life? Insurance manages the risks you may face in everyday life. Not only this, but it also secures your life and ensures that you live your life stress-free.

Today, health insurance is mandatory with increasing medical costs. Protect yourself and your family with your health insurance coverage that will cover your health care costs.

Insurance Encourages Savings

Insurance is a great investment tool. It facilitates systematic savings by allocating funds in the form of a premium each year. At the end of the policy term, the policyholder can collect benefits as a lump sum. Encourage savings by reducing your long-term expenses.

Insurance Ensures Family and Business Stability

Insurance is a safety net when risks go wrong. It can support the life of a family. This is why insurance is important and perfectly suited to your peace of mind.

Insurance is the Right Thing to Do

Suppose you run a fertilizer company. Suddenly an explosion occurs that damages the community, schools, and hospitals. The company has limited liability coverage.

Now everyone is suing the company. They are likely to obtain the remaining property of the business and the assets that were not damaged. This is because the company did not have enough insurance. Sufficient insurance could have helped the community recover after the crisis.

Insurance Protects the Small Company

Suppose that if the risk goes wrong, the large company will survive. They can take a hit. But small businesses can’t take a hit. As a result, they are more risk-averse. They are sold to a big company in some cases. However, with insurance, the small business has support if they want to take a risk, which means they stay longer. Insurance helps prevent the formation of monopolies.

Insurance Reduces Stress in Difficult Times

None of us know what is around the corner. Unforeseen tragedies, such as illness, injury, or permanent disability, even death, can put you and your family through tremendous emotional stress and even pain. With insurance in place, financial stress will be reduced for you or your family, and you can focus on recovering and rebuilding your lives.

Insurance Supports Your Retirement Plan

It is everyone’s natural desire to have a good retirement fund. You can achieve this goal by investing in good life insurance plans. There are good life insurance policies that provide regular income.

Protect your life with insurance and realize its benefits.

Also, read this – What is Section 45 of The Insurance Act, 1938? What does It Say?

What is Section 45 of The Insurance Act, 1938? What does It Say?

What is Section 45 of The Insurance Act, 1938? What does It Say?

by | Jul 14, 2020 | Awareness

Sec 45 of The Insurance Act, 1938

According to the act, no life insurance policy can be called into question on grounds of misstatement or wrong disclosure after two years of the policy coming into force. However, if the insurer is able to prove that the claim was fraudulent, it need not be passed.

The provision of Section 45 of the Insurance Act 1938 shall be as amended from time to time. The simplified version of this provision is as under:

Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938, are as follows:

No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from

  • the date of issuance of policy or
  • the date of commencement of risk or
  • the date of revival of policy or
  • the date of rider to the policy whichever is

On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from

  • the date of issuance of policy or
  • the date of commencement of risk or
  • the date of revival of policy or
  • the date of rider to the policy whichever is

For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.

Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:

  • The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
  • The active concealment of a fact by the insured having knowledge or belief of the fact;
  • Any other act fitted to deceive; and
  • Any such act or omission as the law specifically declares to be

Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to

No Insurer shall repudiate a life insurance policy on the ground of Fraud if the insured / beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the factor that such misstatement of or Suppression of material fact is within the knowledge of the insurer. The onus of disproving is upon the policyholder, if alive, or beneficiaries.

Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.

In case of repudiation is on the ground of misstatement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.

Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on the insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.

The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted

Also, read this – Top Reasons Why Insurance is Important in Our Everyday Life?

Disclaimer:

This is not a comprehensive list of Section 45 of the Insurance Act, 1938, and only a simplified version prepared for general information. Policyholders are advised to refer to Section 45 of the Insurance Act, 1938, for complete and accurate details.

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