LIC to pay survival maturity surrender amounts to bank accounts directly

Earlier we’ve posted on how to claim your LIC policy maturity or survival benefit. For most policies, that would include you submitting a form to the serving branch in return to which LIC send you a cheque with the benefit amount to your address (for some policies, LIC directly sends the cheque as soon as the policy matures without you doing anything).

Now, LIC has decided to change the way it pays to its customers (money credit). Instead of sending out cheques, which may take some time to reach the beneficiary and some more time to get cleared, the Corporation has decided to credit the amount directly to the bank account of the policy holder starting from 1 October 2011.

So, from then, all your survival benefits, Maturity claims, Loan amounts, surrender amount or payment of pensions or group schemes will directly be sent to your bank account.

Obviously, your bank account information should be on records with LIC for this to be possible. Hence, all the policy holders should submit their bank account info to the concerned LIC branch by submitting the mandate form which can be downloaded from LIC website or had from any LIC branch.