Buying an LIC policy is a crucial step in securing your financial future, there might be instances where you need to make changes to your policy details. One common change policyholders may need to make is updating their names in the LIC policy. Whether it's due to marriage, a legal name change, or any other reason, changing your name in an LIC policy is quite easy.
Let’s take a look at the process required to change the policyholder’s name in LIC policy documents:
Step 1: Collect the Required Documents
Before initiating the process, ensure that you have the necessary documents ready. You'll need the following:
Original LIC policy document
Duly filled and signed request letter for name change
Proof of name change (marriage certificate, divorce decree, or legal name change document)
Proof of identity and address (Aadhar card, PAN card, passport, or any government-issued photo ID)
Step 2: Contact Your Nearest LIC Branch
The next step is to visit your nearest LIC branch. Once at the branch, request a "name change request form". The form is available at the branch office, or you can often find them online on the LIC website.
Step 3: Fill Out the Forms
Take your time to carefully fill out the name change request form. Double-check all the information to ensure it is accurate and matches your updated details.
Step 4: Attach Necessary Documents
Attach the supporting documents mentioned above. Ensure that you have photocopies of these documents along with the originals, as the LIC representative may want to verify them.
Step 5: Submit Your Request
Once you have completed the forms and attached the required documents, submit them to the LIC representative. They will review your request and documents. If everything is in order, they will provide you with an acknowledgement receipt for your request.
Step 6: Processing and Confirmation
After you have submitted your request, LIC will process it. The processing time can vary, but you can generally expect a confirmation of the name change within a few weeks. Once the change is confirmed, you will receive an updated policy document reflecting your new name.
If you also need to change the nominee in your LIC policy, you can do so simultaneously with the name change request. Here's how:
Obtain the Nominee Change Form: Request the "nominee change form" from your LIC branch.
Fill Out the Form: Complete the nominee change form, ensuring that you provide accurate details of the new nominee.
Attach Supporting Documents: You will need to provide proof of identity and relationship with the nominee, along with their photograph. Make sure you have all the necessary documents ready.
Submit the Form: Submit the nominee change form, along with the supporting documents, to the LIC branch. The nominee change will be processed along with the name change request.
Confirmation: Once the change is processed, you will receive a confirmation letter or endorsement on your policy document indicating the updated nominee.
Changing your name in your LIC policy is essential for several reasons. It ensures that your insurance documents are accurate and up to date, which is crucial for a hassle-free claim settlement process in the future. There are common scenarios where you may need to update your name in your LIC policy:
Marriage: After marriage, many individuals change their last name to match their spouse's, and this often necessitates an update in their LIC policy.
Divorce: In the event of a divorce, reverting to your previous name may require updating your LIC policy.
Legal Name Change: If you legally change your name for any reason, you must reflect this change in your LIC policy.
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:
Name changes should only be done in LIC ‘s home branch from where you have issued the policy.
Make sure that all the information provided in your request forms is accurate and matches the supporting documents.
Maintain a copy of all the documents you submit for your records.
At the time of name change, always carry all the relevant documents requested by the LIC
In the request application, mention the reason for changing your name. Reason can be a misspelling, marriage.
Changing your name in your LIC policy is a relatively simple process if you follow the necessary steps and provide the required documentation. Ensuring that your insurance documents are up to date is vital to ensure a smooth claims process in the future. Additionally, if you need to change your nominee, you can do so alongside the name change request, making it a convenient and efficient process.
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