A nominee is the person who receives the benefit of a policy in case of the unfortunate death of the policyholder. In this post, we will read if we can change the nominee details in a LIC policy online.
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.
The following steps are required to follow to change the nominee details in your LIC policy:
1. You can file form 3750 to notify the LIC of India
2. You have to endorse the nomination process
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.
Here are the documents needed to change nominee under a LIC policy:
1. You need form 3750
2. You must provide the proof of relationship between the policyholder and the nominee
3. You also need policy contract (for endorsement)
4. You need the photocopy of 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.
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:
Some Personal Reasons Could Be:
– The ill-fated demise of your nominee
– Family feud because of which you may like to change the nominee details as you no longer want to be associated with the nominee anymore
– You are not happy with your instant nominee decision and want to rethink it by proposing someone else as the nominee
– You want to nominate a special person to replace the earlier nominee
It needs the policyholder to change the nominee details in a LIC policy with utmost care. Below are the things to remember:
– Ensure to state the correct age and address as well as the exact relationship with nominee of the policyholder
– Ensure to mention the complete name of the nominee as stated in the official papers of the nominee such as driving license and passport etc. in the LIC nomination change form
– In case the nominee is a minor, you have to assign the details of an appointee because the minor cannot raise a claim unless he/she turns 18.
– So, in such a case you also need to offer details of the Appointee such as the full name, address, age, relationship with the nominee, gender, and required documents etc.
– As soon as the policyholder files the application of changing the nominee details, the person will receive an acknowledgment in written from the insurer
Before changing the nominee details, remember the following things:
2. In case of death of the nominee after the demise of the policyholder but before collecting the death benefit by the insurer, the concerned amount would be paid to nominee’s legal representatives
1. During the lifetime of the policyholder, the nominee cannot make any changes or modify the LIC policy or take charge of it