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When a policyholder buys a LIC policy they have to suggest a person as a nominee who receive the benefit of the plan after the demise of the policyholder. However, there may be some inevitable circumstances at times when the policyholder might have to change the nominee after purchasing the term life insurance plan.
So, what are the steps to take in that situation to ensure that the changing of the name is done smoothly and to ensure that the new nominee that has been named by the policyholder receives the policy benefits. In this post, we are talking about the process of nominee changing in LIC policy online.
A nominee is a person selected by the life insurance policyholder to be his/her beneficiary and this person is entitled to receive the sum assured in the event of death of the policyholder. The nominee is selected by the policyholder and it can be anyone from the family including spouse, children, parents or a trusted family member etc. Moreover, the insured can even name more than one person as nominee.
If a policyholder forgets to add a nominee to his/her life insurance policy, the family of the insured will not receive any money or the death benefit. Hence, it is crucial for the policyholder to choose the nominee judiciously. However, if you miss to include a nominee while buying an insurance policy, it can even be done later during the tenure of the policy.
Yes. Minors or the children of the policyholder can be chosen as nominee. However, there has to be an appointee who should be an adult. This person can collect the funds for the nominee if the insured dies when the nominee is still a minor. However, it is not necessary for the appointee to be a guardian of the minor nominee.
If you are wondering how to change the nominee in LIC policy, it is an easy process, which can be done several times during a policy term. The LIC policies with sum insured below INR 75,000 are entitled for free first cancellation and modifications of nomination. However, from the second time onwards, the insurer charges a minimal amount for change of nomination.
The following steps are required to follow to change the nominee details in your LIC policy:
Policies with sum assured INR 75,000 and beyond are available with a charge of INR 50 for making changes in nominations, cancelling nomination and for first nomination. This charge is levied on policies bought online. However, for policies availed offline, the charge is INR 100.
Here are the documents needed to change nominee under a LIC policy:
The e-services of LIC allows the policyholder to go through the details of their LIC policy online. The LIC’s official portal can be used for this purpose to view the claim and policy status. Besides, the portal can also be used to pay premiums of the plan online. However, the online facility doesn’t allow the policyholder to change the nominee details in a LIC policy. So, at present LIC nominee change online option is not available.
Hence, it is suggested to change the nominee details or to make declarations of the nominee by visiting the nearest LIC branch personally.
There could be several reasons to change nominee details in a LIC policy ranging from personal reasons to situational and so on. Below are some of the common reasons mentioned:
It needs the policyholder to change the nominee details in a LIC policy with utmost care. Below are the things to remember:
Before changing the nominee details, remember the following things:
To Sum Up
It is not possible to have LIC policy nominees change online for now. However, it can be easily done via an offline method. Before getting any changes done, make sure to read and understand the policy details of your LIC Nominee Change Form 3750. This is the form where you would be providing the necessary changes and other details of nominee change. Ensure to mention the clear relationship of the new nominee with the policyholder if you do not want to pay extra charges.
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To change LIC nominee, you can submit a notice in a form called form no. 3750 to any of the LIC (Life Insurance Corporation) branches near you.
Any LIC nominee change must be done offline by visiting the LIC branch where you bought the policy from.
The e-services facility allows a policyholder to go through his/her policy details online. Through the portal, you can view your claim status, policy status as well as can pay your premiums online. However, the facility to change the LIC nominee online is not possible.
If the nominee dies while the policyholder is alive during the policy tenure, the nomination becomes null and void. In that case, policyholders can change the nomination. However, if the nominee dies after the death of the policyholder but before getting the claim, the amount, in that case, would be paid to the legal heirs.
The policyholder can change the nominee or can make a fresh nomination any time before the policy matures.
The online facility doesn’t allow the policyholder to change the nominee details in a LIC policy. So, at present LIC nominee change online option is not available.
Yes, a policyholder can change LIC policy nominee online by using the e-services of LIC.
No, the insured has to visit the home branch from where the person has bought the LIC policy to change the nominee’s name.
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