The LIC Policyholder has right to change nominee in LIC policy during the whole term of the policy. Life Insurance Corporation of India (LIC) policies provide financial security to you and your loved ones, with the added assurance that your chosen nominee will receive the policy benefits in the unfortunate event of your passing. However, life is dynamic, and circumstances can change. This guide aims to shed light on the process of changing the nominee in your LIC policy, ensuring that your loved ones continue to be protected in times of need.
LIC policies play a crucial role in securing your family’s financial future. While selecting a nominee is essential, there may come a time when you need to change this nomination due to various reasons.
LIC policies play a crucial role in securing your family’s financial future. While selecting a nominee is essential, there may come a time when you need to change this nomination due to various reasons.
Life is unpredictable, and situations may arise where you need to update your policy’s nominee. LIC recognizes this need and offers a straightforward process for changing the nominee.
To initiate the nominee change process, submit Form 3750 to the Life Insurance Corporation of India. This form serves as an official notification of your intention to modify the nominee’s details.
Upon submitting Form 3750, ensure that the new nominee’s details are properly endorsed. Accuracy is essential to avoid any discrepancies.
Certain documents are required for a successful nominee change:
– Form 3750
– Proof of relationship between the policyholder and the new nominee
– Policy contract for endorsement
– Photocopy of the LIC policy
Policies with a sum assured of less than Rs. 75,000 are eligible for complimentary cancellations or modifications of nomination.. For subsequent changes, a nominal fee applies. Policies with a sum assured of Rs. 75,000 or more have varying charges for nominee changes.
While LIC’s online portal offers convenient services, changing the nominee online isn’t yet available. It is advisable to make nominee changes in person at a LIC branch
Various reasons may prompt you to change your nominee, ranging from personal to administrative circumstances.
Ensure the following when changing the nominee:
– Accurate nominee details, including full name, age, and address
– Appointee details for minor nominees
– Acknowledgement from the insurance company upon filing
– Option for successive/alternate nominations
Changing the nominee is a significant step. Once you’ve completed the necessary steps, rest assured that your new nominee will be updated to receive the policy benefits.
Changing the nominee in your LIC policy is a responsible action that ensures your family’s well-being. While online nominee changes aren’t available yet, the process is straightforward and accessible through LIC’s official channels. By adhering to the guidelines and providing accurate details, you can navigate the nominee change process seamlessly, ensuring your loved ones are always protected. Remember, life is ever-changing, and your LIC policy should adapt accordingly to safeguard what matters most.
