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How to Update Bank Account Details in LIC Policy via 'My LIC' App (2026)

Updating your bank account details in your Life Insurance Corporation of India (LIC) policy is essential for seamless claim settlements, maturity payouts, and dividend transfers through direct credit (NEFT). With LIC's upgraded My LIC mobile app, you no longer need to visit a branch physically. You can update your bank details online in just a few minutes.

This step-by-step guide walks you through the exact process of linking and updating your bank account in your LIC policy using the My LIC app.

Prerequisites Before You Begin

Before starting the update process, ensure you have:

    (a) The My LIC app downloaded, installed, and registered on your mobile device.

          Active login credentials (User ID / Password / MPIN).

    (b) Your Bank Account details (Account Number & IFSC Code).

    (c) A cancelled cheque or passbook nearby for verification (if needed).

    (d) Good lighting for the mandatory live selfie verification.

Step-by-Step Guide: Update Bank Account in My LIC App

1.Log In to the App: Access your registered account.

Open the My LIC app on your smartphone and log in using your registered credentials or MPIN.

2.Navigate to Service Hub: Locate the services section.

Once on the main dashboard—where your added LIC policies are visible—tap on the Service Hub tab located on the bottom navigation bar.

3.Select 'Update Bank Details': Under My Profile.

In the Service Hub, scroll to the My Profile section and select the option titled Update Bank Details.

4.Review & Proceed: Acknowledge NEFT benefits.

A pop-up window will appear detailing the benefits of linking your bank account (e.g., direct benefit transfers and faster payouts). Read through and tap Proceed.

5.Choose Your Policy: Select target LIC policy.

A list of all policies linked to your account will display. Select the specific policy for which you wish to update bank details and tap Update Bank Account.

6.Enter Bank Credentials:Fill in accurate details.

Fill in the following details carefully:

• Account Holder’s Name
  
  
• Account Number (and re-enter to confirm)
  
  
• Account Type (Savings / Current)
  
  
• IFSC Code (Bank and branch names auto-fill upon entering IFSC)
  
  
• Bank Account Nickname (Optional)
  
  

Tick the check-box to give consent certifying that the provided details are correct, then tap Verify Account Details.

7.Complete Selfie Verification:Facial verification step.

The app will prompt you to complete a quick selfie identity check.

• Remove glasses, hats, or face masks.
  
  
• Ensure good lighting on your face.
  
  
• Tap Proceed to Continue and capture the photo.
  
  

8.Confirmation:Process complete.

A confirmation message will appear on your screen: "Your Bank Account details are successfully updated."

Benefits of Linking Your Bank Account to LIC

• Direct Maturity Payouts: No waiting for physical cheques; money is credited directly via NEFT.
  
  
• Instant Claim Settlement: Quick disbursement of survival and death benefits.
  
  
• Dividend & Bonus Credit: Automatic transfer of policy bonuses directly to your bank.
  
  

FAQs

How long does it take for bank details to get updated in an LIC policy?

After successfully submitting the request in the My LIC app, verification usually completes within 24 to 48 hours.

Is a cancelled cheque required in the My LIC app?

In most cases, verifying your details alongside the selfie check replaces manual document upload. However, keep a copy handy in case the app requests proof of account ownership.

Can I update bank details for multiple policies at once?

Yes, you can repeat the process for each policy listed under your account dashboard in the app.