While buying an LIC policy, you need to choose your nominee who will receive the benefit of the policy if something unfortunate happens to you. However, at times, there are some situations wherein you are required to change your nominee after purchasing it.Read more
In such a case, you need to take proper steps to make sure your new nominee will receive the policy benefits. Thus, in this article, we will discuss the detailed process of changing your nominee.
Changing the nominee in LIC policy is a simple process. Also, you can make this change multiple times during your policy term. All policies that have a sum insured below Rs. 75,000 are eligible for free cancellations or changes of nomination. From the second time, the minimal amount is charged.
Here is what you need to do to change the nominee in your LIC policy:
You need to notify the Life Insurance Corporation of India by filing form 3750.
You must endorse the nomination.
The below-mentioned documents are a must when changing the nominee in a LIC policy:
The relationship proof between the policyholder and the person being nominated.
Policy contract (for endorsement).
The LIC policy photocopy
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:
The unfortunate demise of your nominee.
Family quarrel where the nominee is no longer a part of your family, and you do not want to be associated with him/her.
You made the decision quickly, and you think someone else should be the nominee.
You have met someone special and want to nominate them in place of the former nominee.
The nominee's name is incorrect, and you want to change it.
You may have missed filling in the correct relationship details with the nominee, and now you want to correct it.
The nominee's birth date/month/year is incorrect and needs to be changed.
Changing the nominee in LIC policy must be done with utmost care. You need to keep in mind the below-mentioned things:
Make sure you have provided the full name of the nominee as mentioned in the official documents like driving license and passport. Also, make sure that the age and address are correctly mentioned. You also need to specify the relationship between the policyholder and the nominee correctly.
For a minor nominee, you need to make sure that the appointee details are also specified. This is because the minor cannot get the claim and needs someone above 18 years of age to do so. Appointee details like full name, address, age, relationship with the nominee, gender, and required documents must be submitted.
Once the application to change the nomination has been filed, the policyholder must receive a written acknowledgment from the insurance company.
You can also add Successive/Alternate nominations for the single or joint-life of the minor.
Before changing the nominee, do not forget these things:
The policyholder's lifetime does not give the nominee any right to modify the policy or take control of it.
If the nominee declared by the policyholder dies after the policyholder's death, but before the amount paid by the insurer, the said amount will be paid to the legal representatives of the nominee.
Changing the nominee in your LIC plan online is a simple process that ensures your loved ones are appropriately covered in the event of unforeseen circumstances. Make sure you read and understand LIC Nominee Change Form 3750 because that is where you will provide all the necessary details regarding the nominee change.
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^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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