LIC policyholder? Your money will get stuck; Do this before February ends

LIC policyholder? Here is news for you. If you have an LIC policy and it is about to mature, then you need to link your bank account with the policy. If you fail to link the bank account with the policy in time, then your entire money may get stuck. Till now, LIC has been paying the policy through cheque, but now it has started transferring the policy money directly into the bank account. This is the reason why the policyholders are being asked to link their bank accounts. If a customer does not link the policy with the bank account, then the money won't be paid even if the policy is maturing.

Bank account linking necessary

LIC has already started the process of linking the policies to bank accounts. With this, the money of the customer is transferred directly into their bank account when the policy matures. Therefore, it is important for every customer to link their policy to the bank account. According to LIC, many policyholders have not linked the policy to their bank account. LIC has started stopping the money of such consumers.

LIC sends alert SMS

LIC has started sending an SMS to alert its customers. The SMS asks policyholders to link the policy to their bank account. Apart from this, LIC is going to digitize all its services. 

From March 1, 2019, every customer will be given information related to policy premium, policy maturity, policy hold, through automated SMS. LIC will also alert its customers if the premium is not deposited. It is important that your mobile number be registered with LIC. If the number is not registered then do it as soon as possible.

How to link the bank account

In order to link your policy to your bank account, you have to submit a copy of the cancelled check or passbook's front page to the LIC branch. Also, fill the NEFT mandate form. After submitting the form and details of your bank account, your policy will be linked to the bank account within a week. LIC will directly transfer money to your account when the policy is matched.

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How To Register Mobile Numbers

You can call the LIC agent to register your mobile number. You can register at LIC's website by clicking on www.licindia.in/Customer-Services/Help-Us-To-Serve-You-Better or by calling helpline number 022-68276827. You do not need to go anywhere for this. But, before March 1, 2019, do both of these works.

(This is a translated version of the article first published by Zee Business Online (Hindi)