How to Change Nominee in LIC Policy?

Who is a Nominee in LIC Policy?

A nominee is the person who receives the insurance claim amount in case of any unfortunate event within the purview of plan conditions that happens to you. They're usually a family member or trusted relative. You can also nominate minors such as your children, where you have to name another individual who will have the welfare of the children called an appointee. Without a nominee, your family may not get the insurance money, causing financial difficulties. Choosing a nominee carefully is crucial when buying a life insurance policy or other financial products like bank accounts and investments to prevent financial hardship for your loved ones. However, there could be instances where a policyholder could wonder, “Can we change nominee in term insurance plans by LIC”. The answer is “Yes”. Let’s learn about it in detail.

Can I Change Nominee in LIC Policy Online?

The option of LIC nominee change online is not yet available. However, you can contact the LIC branch that issued your policy to proceed with it. With LIC's e-services, you can 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.

How to Change Nominee in LIC Policy Offline? - Step-by-Step Process

Changing the nominee in LIC policy is a simple process. Also, you can make this change multiple times during your policy term. All policies with a sum insured below Rs. 75,000 are eligible for free cancellations or nomination changes. From the second time, the minimal amount is charged. Although the process of LIC nominee change online is not yet supported in the LIC login portal, it can be easily done with a branch visit.

Here is what you need to do if you are looking for how to change nominee in LIC

• You need to notify the Life Insurance Corporation of India* by filing the form ‘Nomination Change Form” (Form 3750) and submitting it along with other requested documents
  *The nomination change should be done in the LIC branch that services your LIC plan.

• You must endorse the nomination. 

  Here are some simple steps you can follow to change nominee in LIC:

  Step 1: Visit your LIC branch and ask for the LIC Nominee Change Form (Form 3750).

  Step 2: Enter your policy details, current nominee, and new nominee's information.

  Step 3: Provide ID proof and relationship proof for the new nominee (Aadhaar, Voter ID, or Passport).

  Step 4: Sign and submit the form at your LIC branch.

  You can also submit the form online through LIC e-services, but the change of nomination facility is not available yet. Let’s understand in brief about LIC e-services: 

  LIC e-services allow customers to access various life insurance services online, eliminating the need to visit a branch. These services include premium payments, policy status checks, loan and bonus tracking, grievance filing, and more. With LIC e-Services, policyholders can manage their insurance policies conveniently from anywhere.

  After completing this process, keep a copy of the LIC nomination change form and check with LIC to confirm the update.

Documents Required to Change Nominee in LIC Policy

The below-mentioned documents are a must when changing the nominee in a LIC policy:

• Form 3750 (LIC nomination change form)

• The relationship proof between the policyholder and the person being nominated.

• Policy contract (for endorsement).

• The LIC policy photocopy

Note: Policies with 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 policies, this charge is Rs 100.

What are the Reasons to Change Nominee in LIC Policy?

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:

1. Personal Reasons:

   • 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 now think someone else should be the nominee.

   • You have met someone special and want to nominate them instead of the former nominee.

2. Other reasons:

   • 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. 

What to Remember When You Change Nominee in LIC Policy?

Changing the nominee in LIC policy must be done with utmost care. You need to keep in mind the below-mentioned things:

• Please ensure you have provided the nominee's full name as mentioned in official documents like driving licenses and passports. Also, please ensure that the age and address are correctly mentioned. You must specify the relationship between the policyholder and the nominee correctly.

• You must ensure that the appointee details are also specified for a minor nominee. The minor cannot get the claim and needs someone above 18. Appointee details like full name, address, age, relationship with the nominee, gender, and required documents must be submitted.

• Once the application for nominee change in LIC policy 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. 

• 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 nominee's legal representatives.

Wrapping It Up

Changing the nominee in your LIC plan online is a simple process that ensures your loved ones are appropriately covered in unforeseen circumstances. Make sure you read and understand LIC Nominee Change Form 3750, which is where you will provide all the necessary details regarding the nominee change.

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