LIC Nominee Change:
In India, most of the middle-class families take LIC insurance policy to insure their life. For most people, taking a policy under LIC is the first choice. The biggest reason for investing in LIC is that they are risk-free and money is safe!
People find the safest investment in the Life Insurance Corporation of India. People like LIC a lot because of their policy of ‘Jeevan ke Baad Bhi’! So people can apply for LIC for their family’s safety and better future. ( LIC ) Invest in all kinds of things. This is the most important reason for people on LIC. That they stay away from market volatility and risk.
You are likely to get good returns from Life Corporation of India. While taking a LIC policy, you have to choose one or more than one person as the nominee. But if you are a nominee in your policy ( Nominee ) If you want to change the name, then you can easily change it.
When buying a life insurance plan, you are required to choose a nominee and furnish their details in the policy form. A nominee is someone who will receive the sum assured if you pass away within the policy period. They are the beneficiaries of the policy, therefore, it is important to choose your nominee wisely. Nominees can only be individuals who are related to you and have an insurable interest in you. Parents, siblings, children, or spouse are usually chosen as nominees.
Though you have to pick a beneficiary when buying an insurance plan, you might want to change the nominee or their details after investing in the policy. There are numerous reasons for changing your nominees. For instance, if you appointed your spouse as the nominee and are going through a divorce with him/her, you might want to change the nominee from your spouse to your child or parents.
Nominee Change Facility Offline
LIC has started an online service (LIC Online Facility) for most of its facilities. One can avail all the facilities online by visiting the LIC portal. However, to change the nominee, you will need to visit the office. This facility is not started online.
Whom to choose Nominee
The nominee is made to any person who is a member of the investor’s family or is close to him. After the accident or death of the nominated investor, the plan corpus is claimed. A nominal person or a beneficiary is an essential person. The nominee should create what you believe in and could use your plan to make use of the family’s financial problem.
You can choose the nominee later too. Life Insurance Corporation of India gives you the option. However, if you cannot make someone a nominee during the inception of your insurance policy, you can do it later. It is very important that you choose someone you know well or have a lot of trust in. It is always advisable that your nominee or be it your life partner, brother/sister, parents, or any relative on whom you will take care of your loved ones!
Change the Nominee in the Policy
- You can change the nominee in your policy before the policy is matched.
- When you have started your policy, you can also change your nominee.
- To replace it, some charges will have to be paid along with GST.
- Visit the official website of LIC and download the nomination form.
- Let the person who wants to do the nomination and confirmation do it.
- Go to your branch and change your nominee there.
Procedure to change nominee
The procedure to change the nominee is fairly simple and hassle-free in nature. You can make the change during your policy term any number of times. For all the policies with a sum assured below RS.75,000, the first cancellation or change of nomination is done free of cost. A fee is charged from the second time onwards.Mentioned below is the procedure for changing nomination:
- The policyholder is required to send a notice to Life Insurance Corporation of India in Form 3750.
- The nomination must be endorsed.
- Following documents are mandatory for this procedure:
- Relation proof of the policyholder and the individual being nominated
- Policy bond (for endorsement)
- Form 3750
- A photocopy of the LIC policy
- For all the policies above Rs.75,000, the following fees is charged for cancellation, change of nomination, or first nomination:
- Rs.50 for policies issued in electronic form
- Rs.100 for p
Who is the Nominee LIC Policy Nominee
In the Life Insurance Corporation of India, one or more people can make a nominee in the scheme taken under the scheme. If you have taken the policy then the nominee will also be joined. No unknown person can be made a nominee. Whereas a minor child cannot be made a nominee.
You can also choose the nominee later
You have to make a nominee even after buying. However, if you cannot nominate someone during the inception of your insurance policy, you can do so later. You have to pay a notice through the prescribed form of LIC and make it conclusive on the back of your policy document.
Can you change nominee in LIC policy online?
With the launch of LIC’s e-services, policyholders have been given the opportunity to access the details of their policies with just a few clicks. The e-services portal allows customers to view policy status, claim status, pay the policy premiums, and so on. However, the change of nomination facility is not available online yet.
Changing your nominee is an important process and therefore it is advisable to visit your nearest branch to do that.