At the time of buying a 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 can be some unavoidable situations wherein you are required to change your nominee after purchasing it. 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.Read more
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:
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 online may not be possible yet, but that does not mean that you should not change your nominee if required. 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. Also, make sure you are clear about your relationship with the new nominee; otherwise, you may have to pay additional charges.
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