• The Procedure of Changing The Nominee in LIC Policy

    Change of Nominee in LIC Policy
    • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
    • Paperless process available
    • Choose between lump sum and monthly payout options

    LIC is one of the most reputed insurance companies from whom you can purchase an insurance policy. There are various types of policy that you can purchase as per your needs. However, once you decide to buy an insurance policy from the insurance company, you will also have to nominate a beneficiary who will receive the benefits in case something happens to you.

    Who is a nominee?

    A nominee is a person who you appoint as the person who will receive the benefits in case something happens to you. The nominee or the beneficiary is the most important person as he/she should be someone whom you know and trust. The nominee should be someone whom you believe will take care of the cover amount and will ensure that your family does not face any financial problems later. Hence, it is extremely important that you choose someone whom you know very well or you have immense trust in. It is always advisable that your nominee is either your spouse, brother/sister, parent, or a relative whom you know will take care of your loved ones.

    You are supposed to nominate a person while purchasing the insurance policy. However, in case you do not nominate anyone during the inception of your insurance policy, you can do so at a later date. You will have to provide a notice through a prescribed form of LIC and it has to be endorsed at the back of your policy document.

    The process of changing the nominee in LIC policy

    There can be times when you may feel the need of changing the nominee for various reasons. One of the reasons can be if the nominee appointed by you is no more. Then you will have to appoint somebody else as the new nominee. In case, you do not feel the person to be liable enough to be the nominee of your insurance policy, then it becomes even more important that you go ahead with the procedure to change your nomination.

    You can change the nominee any number of times. In order to change your beneficiary, you will have to provide a notice to the Life Insurance Corporation (LIC) of India in a form called Form 3750. You will have to mention the details of the person you wish to endorse as the nominee of your insurance policy. You can also change your beneficiary at any point in time without having to notify the existing nominee.

    There are certain documents that you may have to produce during the changing of the nominee. They are:

    • Form 3750
    • Policy bond will be required for endorsement
    • The relation between the policyholder and the person nominated

    Hence, the process to change the nominee in an LIC Policy is a very simple one and can be done any number of times by you. You will have to produce certain documents and LIC will take care of changing the beneficiary post the submission of the documents.

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