Federal Bank has signed a pact with the country’s largest insurer Life Insurance Corporation of India (LIC) for paying maturity / survival / money back proceeds of policies.
Till now, the maturity / survival / money back proceeds were paid by cheques from the respective branch offices of LIC across the country and it used to be sent to the beneficiaries one month prior to the due date.
Now the proceeds will be credited directly to the beneficiary’s account by way of NEFT on due date.
All policy holders are advised to submit NEFT form along with a cancelled chq at their respective branches. Its Mandatory .