How to Change Nominee in LIC Online

Who is a Nominee in LIC Policy?

A nominee receives the insured amount if the policyholder passes away. They're usually a family member or trusted relative. Without a nominee, your family may not get the insurance money, causing financial difficulties. Choosing a nominee carefully is crucial when buying a life insurance policy or other financial products like bank accounts and investments to prevent financial hardship for your loved ones.

Can I Change the Nominee in LIC Policy Online?

With LIC's e-services, you can go through your policy details online. Through the portal, you can view your claim status and policy status. You can even pay your premiums online. However, the option to online change the nominee in LIC policy is not yet available.

What is the Process of Changing nominee in LIC?

Changing the nominee in LIC policy is a simple process. Also, you can make this change multiple times during your policy term. All policies with a sum insured below Rs. 75,000 are eligible for free cancellations or nomination changes. From the second time, the minimal amount is charged.

Here is what you need to do to change the nominee in your LIC policy:

• You need to notify the Life Insurance Corporation of India by filing form 3750. 

• You must endorse the nomination. 

Documents required for nominee change:

The below-mentioned documents are a must when changing the nominee in a LIC policy:

• Form 3750

• The relationship proof between the policyholder and the person being nominated.

• Policy contract (for endorsement).

• The LIC policy photocopy

Note: Policies with a sum assured of Rupees 75,000 or more come with a charge of Rupees 50 for change of nomination, cancellation, or first nomination. This charge applies to all electronic policies. For non-electronically availed policies, this charge is Rupees 100.

What are the Reasons to Change Nominees?

From personal to situational, there can be several reasons why you may be required to change the nominee in your LIC policy. Mentioned below are some of the common ones:

1. Personal Reasons:

   • The unfortunate demise of your nominee.

   • Family quarrel where the nominee is no longer a part of your family, and you do not want to be associated with him/her. 

   • You made the decision quickly and now think someone else should be the nominee.

   • You have met someone special and want to nominate them instead of the former nominee.

2. Other reasons:

   • The nominee's name is incorrect, and you want to change it. 

   • You may have missed filling in the correct relationship details with the nominee, and now you want to correct it. 

   • The nominee's birth date/month/year is incorrect and needs to be changed. 

What to Remember When Changing Nominee in LIC Policy?

Changing the nominee in LIC policy must be done with utmost care. You need to keep in mind the below-mentioned things:

• Please ensure you have provided the nominee's full name as mentioned in official documents like driving licenses and passports. Also, please ensure that the age and address are correctly mentioned. You must specify the relationship between the policyholder and the nominee correctly.

• You must ensure that the appointee details are also specified for a minor nominee. The minor cannot get the claim and needs someone above 18. Appointee details like full name, address, age, relationship with the nominee, gender, and required documents must be submitted.

• Once the application to change the nomination has been filed, the policyholder must receive a written acknowledgment from the insurance company.

• You can also add Successive/Alternate nominations for the single or joint-life of the minor. 

Tips To Remember While Doing the Nominee Change

Before changing the nominee, do not forget these things:

• The policyholder's lifetime does not give the nominee any right to modify or take control of the policy.

• If the nominee declared by the policyholder dies after the policyholder's death but before the amount paid by the insurer, the said amount will be paid to the nominee's legal representatives.

Wrapping It Up

Changing the nominee in your LIC plan online is a simple process that ensures your loved ones are appropriately covered in unforeseen circumstances. Make sure you read and understand LIC Nominee Change Form 3750, which is where you will provide all the necessary details regarding the nominee change.

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