LIC, the largest life insurer of India, is also known as the ‘Lender of the last resort, offers a wide variety of life insurance products and services. Sometimes, after buying the policy, the policyholder wants to update or change the contact details because of marriage, or misspelling or name change. LIC has the provision to update contact details in case of any change.Read more
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Let’s take a look at the process required to change the policyholder’s name in LIC policy documents:
On 19 June 1956, Life Insurance Companies Act was passed by the Parliament of India. Life Insurance Company, the only public sector life insurer in India was founded on September 1956 along with the merger of more than 245 insurance companies. LIC offers several insurance plans extending from pure protection plans i.e., term to savings and investment plans. Purchasing LIC policy is quite easy and simple that can be done by simply visiting their nearest branch. LIC has also entered the online space, but their products are very limited in this mode. Nowadays, people are looking out for an online medium that saves their time. So, it is very important to compare every single thing while buying any plan for your family.
LIC policies insures you and your family by acting as an investment instrument. It also helps you in paying financial debts that are required to be paid off at a certain time interval.
In some situations, you wish to make changes in your LIC policy such as alteration in address, name, phone number, email, etc. There are some cases where the name of the policyholder is not correct or misspelled or assured is changing his/her name during the policy time. Mostly, in India females change their name after marriage. In all these situations, LIC offers an option to make changes in your policy.
If you are undergoing a LIC policy name change, it is very important to inform the company as soon as possible. Because the name you have provided at the time of purchasing the LIC will only be used in case of claim settlement. However, LIC offers the option to update your details in the policy document. But if you do not change or update your details in your LIC policy then it will become a problem at the time of claim settlement. It is a convenient process but requires some time.
In LIC policy, you can make different types of changes in your policy document. However, an online facility for changing names and other contact details is not available. The policyholder is required to provide a written application to make changes in their name by visiting the nearest LIC branch office. Submit all the relevant documents and proofs along with the application. You can also ask LIC about the status of your application via email.
In case of only misspelling in your name, you can directly visit or mail LIC. Provide them all the documents that have your corrected name.
In case if your complete name has changed such as because of marriage, then submit a request to the LIC office by visiting it directly. Follow the below-mentioned steps for a smooth process:
It is also noted that a quotation fee is also charged by the company. This fee will be paid at the time of submitting the documents.
There are some things to keep in mind while going for a name change process in your LIC policy documents. Let’s take a look:
It is also good to contact a life insurance advisor before proceeding with the name change process.
In case of your name change, always inform the company by writing a request letter to update his/her contact details. LIC is one of the largest life insurance companies in India, has the option to change your name If you are undergoing a name change. Although it is a quiet time taking process but informing the company is important as it avoids future problems in your LIC policy document. It is also necessary to read all the guidelines of policy on the LIC ‘s official website before starting the name change process. This is a very important change that one should never ignore.
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