Are you confused about how to change the nominee in LIC online? If yes, then this article is for you. You are required to declare a nominee every time you buy an insurance policy. However, there can be some unavoidable reasons after policy purchase wherein you are required to change your nominee. In such a case, you need to take proper steps to make sure your new nominee will receive the policy benefits. So, how do you do that? What are the documents required? Find all the information in this article.Read more
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Changing the nominee in LIC policy is straightforward. Also, you can make this change multiple times during your policy term. All policies that have a sum insured below Rupees 755,000 are eligible for free cancellations or changes of nomination. From the second time, however, there is a charge involved.
Here is what you need to do to change the nominee in your LIC policy:
The below-mentioned documents are a must when changing the nominee in a LIC policy:
Note: Policies that have a sum assured of Rupees 75,000 or more come with a charge of Rupees 50 for change of nomination, cancellation, or first nomination. This charge applies to all electronic policies. For non-electronically availed policy, this charge is Rupees 100.
With LIC's e-services, you can now go through your policy details online. Through the portal, you can view your claim status and policy status. You can even pay your premiums online. However, the option to change the nominee in LIC policy online is not yet available.
It is advisable to make changes to your nominee declarations or changes in person in front of the agent. So, we would advise visiting your nearest branch for the same.
From personal to situational, there can be several reasons why you may be required to change the nominee in your LIC policy. Mentioned below are some of the common ones:
Changing the nominee in LIC policy must be done with utmost care. You need to keep in mind the below-mentioned things:
Before changing the nominee, do not forget these things:
Changing the nominee in LIC policy may not be possible yet, but that does not mean you should take the process. Make sure you read and understand form 3750 because that is where you will provide all the necessary details regarding the nominee change. Also, make sure you are clear about your relationship with the new nominee; otherwise, you may have to face the trouble of changing the details again.
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