Edit, Download, and Sign the LIC e-NACH Mandate Form Instructions and Guidelines
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How do I fill this out?
Filling out the e-NACH form is straightforward. Ensure you have all required personal and bank details ready before starting. Follow the provided steps carefully to ensure a successful submission.
How to fill out the LIC e-NACH Mandate Form Instructions and Guidelines?
1
Gather necessary personal information and bank account details.
2
Complete the proposal form and include your mobile number and email address.
3
Ensure your bank is an e-NACH participant.
4
Initiate the registration via the SMS link sent after policy allotment.
5
Submit the form within 15 days to avoid automatic conversion to ordinary mode.
Who needs the LIC e-NACH Mandate Form Instructions and Guidelines?
1
New LIC policyholders who wish to set up e-NACH for premium payments.
2
Existing customers converting their payment mode to e-NACH.
3
Clients looking to streamline their premium payment processes.
4
Individuals who prefer automatic payment deductions on their policies.
5
Those needing to comply with LIC’s payment regulations for e-NACH.
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What are the instructions for submitting this form?
To submit the e-NACH form, ensure it is fully completed with accurate information. You can submit it via email to LIC's customer service or take it to the nearest LIC branch. Additionally, you may want to ensure adequate follow-up after submission to confirm successful registration.
What are the important dates for this form in 2024 and 2025?
For the e-NACH mandate, important dates typically include the deadline for submission after policy allotment and the monthly frequency of premium payments. Ensure you complete your registration to secure timely processing of your premiums.
What is the purpose of this form?
The purpose of this form is to set up an electronic National Automated Clearing House (e-NACH) mandate for facilitating automatic premium payments for LIC policyholders. By filling out this form, customers provide LIC with the necessary authorizations to deduct premiums directly from their bank accounts, promoting timely and hassle-free payments. This system not only simplifies the payment process but also ensures that policyholders remain compliant with their premium payment obligations.
Tell me about this form and its components and fields line-by-line.
- 1. Name of the Account Holder: The person whose bank account will be debited for premium payments.
- 2. Bank Name: The name of the financial institution holding the specified bank account.
- 3. Bank Account Number: The unique number identifying the account from which funds will be drawn.
- 4. IFSC Code: The Indian Financial System Code required for electronic fund transfers.
- 5. Type of Account: Specify whether it's a savings or current account.
- 6. Email ID: The email address for receiving notifications related to the policy.
- 7. Mobile Number: The phone number for receiving SMS notifications regarding the process.
- 8. Signature of the Account Holder: The account holder's signature as an affirmation of the provided information.
What happens if I fail to submit this form?
Failing to submit the e-NACH form may result in your policy being converted to ordinary payment mode. This could lead to potential lapses in payment schedules and additional complications regarding policy management.
- Loss of Auto-Debit Facility: Without submission, the convenience of automatic premium payment will be lost.
- Potential Policy Lapses: Failure to pay premiums on time can lead to policy lapses and loss of coverage.
- Need for Manual Payments: You may need to manually track and make payments towards your policy.
How do I know when to use this form?
- 1. Starting a New Policy: Use this form when you want to set up e-NACH for automatic premium payments on a new LIC policy.
- 2. Changing Payment Method: If you're an existing policyholder wanting to switch to e-NACH, complete this form.
- 3. Updating Bank Details: When there are changes to your bank details, this form is necessary for re-registration.
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What is e-NACH?
e-NACH is a facility for automatic debit of premium payments directly from your bank account.
How long do I have to submit the e-NACH form?
You must submit the form within 15 days of receiving the SMS link to avoid conversion to ordinary mode.
What should I do if I miss the submission deadline?
If the deadline is missed, your policy will be automatically converted to the ordinary payment mode.
What information is required for filling the e-NACH form?
You need to provide details like account holder's name, bank account number, IFSC code, mobile number, and email.
How do I know if my bank supports e-NACH?
Check with your bank or refer to the list of e-NACH participant banks provided by LIC.
Can I change my e-NACH details later?
Yes, you can update your e-NACH registration by filing the necessary forms as per LIC's guidelines.
Where can I find more information about the e-NACH process?
Additional information can be found on the LIC official website under the e-NACH section or by contacting customer support.
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