6 min read
Updated on Jan 22, 2024
At times, a policyholder may like to make some changes in the policy, such as contact details, name changes, spelling mistakes, etc. If that is your case, LIC will allow you to update the changes as required. LIC of India is regarded as the most reliable insurer that offers a wide range of products in the insurance and investment domain. In this post, let us look at the process of changing the names of policyholders and other updates in the policy documents of an LIC policy.
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The parliament of India passed the Life Insurance Companies Act in June 1956, while LIC, as an insurance company, was founded in the same year in September. Over 245 insurers merged with LIC to offer extensive coverage and insurance products to customers. The insurance plans of LIC extend from pure protection/term policies to investments, savings, pensions, and much more.
When it comes to buying LIC policies, the customer is hardly required to make any effort as they can buy LIC plans online as well as offline simply and effectively. For this, you can visit a LIC branch near you or the LIC official portal. However, there is a certain limitation in terms of buying online plans and products of LIC as compared to offline products. These days, customers want to buy insurance products online to save time and money. They want to compare policies and check every essential detail of the plan before purchasing it for the security of their family.
By purchasing an LIC policy, you would like to receive financial security for your family and yourself as they act like an investment instrument. Further, a LIC policy also supports the insured in paying off time-bound debts (if any).
However, there might be situations when LIC policyholders might like to make some alterations or changes in their policies, like changes in name, address, email ID, contact number, and so on. In some instances, the policyholder’s name might be misspelled or might require a change in surname, etc. For example, females in India might change their surname after marriage. So, for all such cases, LIC allows policyholders to make changes or updates in LIC policies.
Below are some of the situations:
Yes, informing the insurer about a name change done by the policyholder or life-assured soon after the change is necessary. This is because if the name that you provided in the policy documents at the time of buying the plan is different from the name in your original documents of ID proof at the time of claim settlement, your nominees might be barred from getting the benefits of the plan in the event of an unfortunate demise of the insured during the policy term.
Whatever details are offered at the time of policy purchase will only be considered at the time of policy maturity or for claim settlement. So, it is important to inform the insurer and do the needful if you make any changes to your name or other details.
LIC allows its customers to update their details in the policy documents. So, in case you make any changes or update any of your details, you must update the same with the insurer immediately and make the corresponding changes in your LIC policy papers as well. This way, there will not be any problem at the time of claim settlement. This process is quite convenient, while it might take some time to get the process done.
Your LIC policy allows you to make changes or update information in the policy paper. However, you may not get the facility to change the name and other details in your LIC policy online. This facility is available offline. The policyholder has to give a written application at the nearest LIC branch to make the changes in their name or other details. You are also required to submit all the relevant papers and proofs, as asked by the insurer, along with the application. To know the LIC policy application status, you can follow up with the insurer via email.
Also, if the change or modification is not a major one and may just be a spelling mistake or so, you can email it to LIC or visit the LIC branch to get the correction done without submitting an application and documents.
However, if you have changed your name or surname completely for reasons like marriage etc., you have to apply at a LIC branch office and follow the procedure as directed below.
You might note that a quotation fee is charged by LIC at the time of document submission for the name change in the policy.
Here are a few points to remember while going for a name change in your LIC policy:
You may also contact an insurance advisor before proceeding with the name change process.
LIC is India’s largest public sector life insurance company. The insurer offers the option of a name change and other updates if you inform the company using a written application. Though the process might be time-consuming, it is necessary to inform the insurer to avoid conflicts in the future.
Yes, you can change your name or any spelling mistake in your name in your LIC policy.
The process to update the name and other policy details is mentioned in the post above. You have to send a written application to the home branch of your LIC office where you bought the policy from.
You may not have an online facility for changing names and other contact details for your LIC policy as yet.
The process to change your name in your LIC policy is mentioned above in the post for your reference.
You don’t have the online facility of changing the nominee name in your LIC policy yet.
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