India’s largest life insurance service provider, the Life Insurance Corporation of India (LIC), is renowned for a diverse range of life insurance covers in its lineup. Among the insurance covers offered by LIC, customers can opt for term plans, ULIPs, endowment plans, money back plans, retirement plans, etc. Buying a LIC policy is simple, and it can be done by visiting a nearby branch in a city or town. The company also offers many online plans that can be purchased through the company’s official website.
There are situations in which you may want to make alterations in your policy due to changes in address, email, phone number, etc. Also, there may be situations in which certain details may be erroneously represented in your policy document. In some cases, the name of the policyholder may be misspelled in a policy document or the policyholder may undergo a name change during the policy term. Sometimes female policyholders change their legal name after their marriage. In all these instances, LIC offers provisions to make alterations in the policy document. Let’s take a look at the process involved in changing the name of the policyholder in an LIC policy document.
Alterations in name
LIC allows policyholders to make different kinds of alterations in their policy document. However, this process cannot be done online. The policyholder must provide a written application of the required alteration to the company, and it must be done in person by visiting the branch office. Along with the letter, the policyholder must also submit relevant proofs to ensure that alterations are correctly made. You may also communicate with LIC through email to proceed with the corrections.
If the name change request is due to a simple misspelling, you can simply go ahead and notify the company through email or a letter along with the identity proof that has your name. On the other hand, if you undergo a complete name change (for any reasons including marriage), you may have to submit an official request with the branch office. To proceed with this, you may visit the branch directly and follow the step-by-step instructions given below.
Steps to be followed in the process
The steps involved in the following process can be given as follows:
Policyholders must note that a quotation fee will be charged by the company to proceed with the name change. This fee must be paid at the time of submission of all the necessary documents.
Things to note
Policyholders undergoing name change in their LIC policy must consider the following things:
If you undergo a change in your name, it is essential to communicate it to the company immediately. The name you have provided at the time of purchase will be used by the company under all circumstances including claim settlement. If you don’t update your correct name in your LIC policy document, you may face some issues at the time of claim settlement. Though the whole process may take some time, it is a crucial change that must not be ignored.
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