LIC policy is one of the most crucial things which provide safety and security to your family. Every person should have a LIC insurance policy so that their family will get compensation after any mishap with the policyholder. Many people find it very difficult how to change nominee in LIC policy. There are two methods by which anyone can know how to change nominee in LIC. The first method is an online method, and the second one is an offline method, and you can opt for anyone according to your convenience. In this content, you will get to learn how to change nominee in LIC. Before proceeding to change nominee in LIC, we should learn more about the nominee and the reasons that led to the change.
What is a nominee?
A nominee refers to a person who is appointed by you to avail all the benefits of your policy in your absence. During the buying process of a LIC insurance policy, the company will ask you to fill in the nominee’s name in the documents. He or she is the only person whom you trust the most and who knows you well. Make sure that he is the only person who is most affected both financially and mentally in your absence. For example, if you are a father, you should put the name of your wife in the nominee documents.
It can take a good amount of time to decide on the nominee for your insurance policy. The best thing about being a nominee is that you can change the name of the nominee later. All you have to do is to ask your LIC insurance advisor how to change nominee in LIC.
Also Read: 8 Difference between Current Account and Savings Account
How to change nominee in LIC
You can easily find out the process of how to change nominee in LIC. You can change it as many times as you want during the policy tenure. The policy plans which offer the sum of the amount below Rs 7,55,000 can easily be eligible for free cancellations. But if you know to how to change nominee in LIC for the second time, then they will charge a certain amount of money from you.
- You should intimate the Life Insurance Corporation of India by filling in the LIC nominee change form (form 3750).
- You should also endorse the nomination through the LIC nominate change form.
Which documents are required to be submitted for change nominee in LIC?
We are all aware of the documentation work in the banks and the insurance policies. In the same way, you have to submit a few documents to change nominee in LIC.
- Form 3750
- The relationship between the policyholder and the nominee
- The photocopy of your LIC policy
- The policy bond for endorsement
Let us tell you that the policies that offer a short term of Rs 7,55,000 and above usually charge Rs 50 to change the nominee, cancel, and submit the first nomination. The important point here is that this amount is applicable to all e-policies. For non-electrically driven vehicles and policies, the charge fee is Rs 100.
Why do people search how to change nominee in LIC instead of any other insurance company?
LIC is one of the largest insurance providers in India and has served millions of people in the last few years.
Is it possible to change nominee in LIC online?
If you search on the internet, you will find hundreds of people who are searching for how to change nominee in LIC online. With the help of LIC e-services, anyone can check the policy details on their website. You can easily view the status of your policy along with the claim status. You can also pay your premium online without any hassle. But there is not any option provided by the LIC policy website to change the nomination online. You can only change your nominee by declaring in front of your LIC policy agent the nearest branch of LIC to complete the nominee change process. With the fast-growing digitalization, you can expect to get the facility to change your LIC policy nomination online very soon.
Also Read: How to Open PPF Account in HDFC
What would be the possible reasons for changing the name of the nominee?
Along with the time and the circumstances, things started changing, and so did the minds of the people. There can be hundreds of reasons, from personal to circumstantial, which lead to the change of the name of the nominee in your LIC. Here are some of the common ones:
Personal reasons
- The first one is the ill-fated demise of your nominee.
- Family tiffs happen when you are no longer associated with your family or don’t want to keep relations with that specific person anymore.
- You took the decision very easily at the time, but now you can think of nominating someone deserving of your nomination.
- You meet someone special, and now you want to replace your previous nominee with him.
Other reasons
- The name of the nominee is wrong and you want to modify it.
- You forgot to mention the correct relationship details with the nominee and now you want to correct it.
- Your beneficiary information provided to you is incorrect and now you want to fix it.
Major things to know before proceeding to how to change nominee in LIC
- Mention the full name of your nominee for changing nominee in LIC along with the official documents, which include a passport, driving license, etc. Cross-check the age and the address mentioned in the form as they play a very important role. The most important point you should keep in mind is that you shouldn’t forget to specify the relationship between the nominee and you in the form.
- If you are choosing a minor nominee, then make sure you have filled in all the details of the nominee in the form. A minor nominee will not be able to receive a partner, so he needs the support of someone who is over 18. Be sure you have submitted all the details of the appointment along with the full name, address, gender, age, and relationship with the nominee.
- There are very few people who will know about the acknowledgment letter that is received by the insurer. Once you submit the nomination form with all the correct details, he will provide you with an acknowledgment form, and you should keep it safe.
Also Read: How to Earn 1000 Rs per Day without Investment Online- 2022
- You can also add alternation nominations for a single or joint life after a minor. To find out more about this point, and how to change nominee in LIC, you can also consult with your LIC agent.
- The policyholder’s life insurance policy does not give permission to the nominee to take the console or alter the policy later.
- If your legal and declared nominee expires just after your death but before the payment of the claim, the amount will be given to the legal representative of the phenomenon. This is an important question that you should ask your LIC agent along with how to change nominee in LIC
Final words
After reading all the above points, you are clear on how to change nominee in LIC. During the purchase period of the LIC policy, you should ask as many questions as you have in mind. The LIC policy agent will describe the procedure in detail to you so that all the details will be clear. If you want to open a LIC insurance policy, you should contact the nearby LIC insurance providers. The procedure for how to change nominee in LIC is very easy and convenient for every user. You can also learn more about how to change nominations in LIC by visiting the official LIC website.
FAQ:
Q. What is the charge for the nominee’s cancellation?
Ans. The Charges for the nominees’s cancellation is Rs 50
Q. Does a nominee make changes to the policy of the policyholder?
Ans. No, It makes changes to the policy of the policyholder
Also Read: IPO Grey Market Premium, Latest IPO GMP
Top 10 Startup Companies in Hyderabad
Hello there, my name is Phulutu, and I am the Head Content Developer at Nivesh Karlo. I have 13 years of experience working in fintech companies. I have worked at Policybazaar, Paytm Money, Investopedia, and others. I love writing about personal finance, investments, mutual funds, and stocks. All the articles I write are based on thorough research and analysis. However, it is highly recommended to note that neither Nivesh Karlo nor I recommend any investment without proper research and read all the documents carefully.
