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LIC NACH FORM - GUIDELINES TO FILL THE FORM
This document provides dos and don'ts for agents and DOs regarding the National Automated Clearing House (NACH) process for Life Insurance Corporation of India (LIC). Key points include: 1. Separate NACH forms must be used for each policy, with 5 policies requiring 5 forms. 2. A cancelled cheque or passbook copy must be included to verify account details like name, number, and IFSC code. 3. The core banking account number must be written correctly including initial zeros from the leftmost block. 4. The policy number and amount will be filled by LIC officials for new business cases. 5. Mandate rejections by the destination bank
LIC NACH FORM - GUIDELINES TO FILL THE FORM
- 1. Do’s & Don’ts of NACHNACH for Agents& D.O’s NvM
- 2. Use Original Form XeroxCopies Not Allowed
- 3. Separate Form For EachPolicyFor Each Policy 5 Policies 5 Forms Required
- 4. Cancelled Cheque OrOr Passbook Copy with A/CHolder Name, A/C No, IFSC Code etc XEROX COPY must be CLEAR one showing above details
- 5. Core Banking Account Number (Asper cheque book or Passbook) (Write from the Left Most Block)(Write from the Left Most Block) (Minimum 9 Digits & Maximum 20 Digits) Start From Here
- 6. Write Core Banking A/C NoA/CNo Including Initial Zero’s must be written
- 7. Tick Create Box forfor NewBusiness & Conversion form Ordinary to NACH
- 8.
- 9. Don’t Fill Amount &UMRN NumberAmount & UMRN Number Don’t FILL Don’t FILL
- 10. For New Business Cases PolicyNumberPolicy Number & Amount will be filled by NB officials
- 11.
- 12. Period From Current Date Dateof Commencement Current Date Date of Commencement Date of Alteration (Always Prior to NACH Debit Date)
- 13. Automatic Debit Date OptionsDebitDate Options 7th / 15th / 22nd / 28th LIC DOC dates available ONLY between 1st and 28th of Every Month
- 14. System Generated D.O.C DEBITDates 1st to 7th 7th1st to 7th 7th 8th to 15th 15th 16th to 22nd 22nd 23rd to 28th 28th
- 15. Customer Inputs NOT REQUIRED for Pre-TickedColumnsPre-Ticked Columns
- 16. NACH Forms Scanned &Uploaded by Sponsor Bank in NPCI Websiteby Sponsor Bank in NPCI Website UMRN No will be allotted by NPCI Soft Data forwarded to Destination Bank for Validation
- 17. Destination Bank Charges FeePer Policy for Validation from Customer A/C Required Bank Balance = NACH Amount + Fee for Validation No Sufficient Funds for Fee will Lead to Mandate Rejection with Remark Required Bank Balance = NACH Amount + Fee for Validation
- 18. Mandate Rejection By Destination BankDestinationBank for Other Reasons (A/C Closed / A/C Transferred / No Such A/C / Miscellaneous )
- 19. Acceptance of Mandate Informed ByBank to LICBy Bank to LIC through Soft Data
- 20.
- 21. Separate Form For EachPolicyFor Each Policy 5 Policies 5 Forms Required
- 22. Separate Form For EachPolicyFor Each Policy 5 Policies 5 Forms Required
- 23. Separate Form For EachPolicyFor Each Policy 5 Policies 5 Forms Required
- 24. NACH MANDATE FORM DoNotDo Not Staple / Roll Up
- 25.
- 26. In Case ofAny Queries Please Contact MASH of Your Division Or sz_ecs@licindia .com of (Your Zone) nz/scz/ez/cz wz etc
- 27. NPCI = NationalPayment Corporation of India NACH = National Automated Clearing House UMRN = Unique Mandate Registration NumberUMRN = Unique Mandate Registration Number Destination Bank = Customer Bank Debit Date = Date on which Amount is withdrawn MASH = Metro Area Servicing Hub
- 28. N = NoProblem A = AgentA = Agent S = Servicing H = Help Line
- 29.