Online Process, Documents Required and Things One Should Know
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.
The Process to Change nominee in LIC
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.
Steps to change 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
Documents Required for Changing Nominee
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
Is it Possible to Change the Nominee in LIC Policy Online?
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.
Reasons to Change Nominee
Some Personal Reasons Could Be:
1. The ill-fated demise of your nominee
2. 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
3. You are not happy with your instant
4. You want to nominate a special person to replace the earlier nominee
Some Other Reasons Could Be:
1. Nominee’s name or the spelling is incorrect and you would like to change it
2. The relationship details of the policyholder and the nominee has not been mentioned correctly and you want to correct it
3. Details of the nominee like date of birth/month/year is incorrect and require changes
Things to Consider While Changing Nominee Details in LIC Policy
Policy seekers of money-back plan are required to meet certain eligibility criteria as listed below:
1. Nominee’s name or the spelling is incorrect and you would like to change it
2. The minimum and maximum entry age varies depending on policy
3. Policyholder must make the premium payment as guided by the policy term
Consider the Below Things While Changing Nominee Details
Before changing the nominee details, remember the following things:
– During the lifetime of the policyholder, the nominee cannot make any changes or modify the LIC policy or take charge of it
– 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