Change Nominee in LIC Policy 2024:- When purchasing a life insurance policy, selecting a nominee and providing their information in the policy form is mandatory. A nominee is the individual designated to receive the sum assured in the event of your demise during the policy’s duration. As the beneficiaries of the policy, choosing your nominee thoughtfully is crucial. Nominees must be individuals with a familial relationship and an insurable interest in you. Typically, parents, siblings, children, or spouses are selected as nominees.
While you must designate a beneficiary when acquiring an insurance policy, circumstances may arise where you wish to alter the nominee or their particulars post-policy investment. There are various reasons for such changes. For example, if you initially appointed your spouse as the nominee but are undergoing a divorce, you might decide to switch the nominee from your spouse to your child or parents. Register in 2024 to access benefits and update nominee details on your LIC insurance policy online at https://licindia.in.
Change Nominee in LIC Policy
Contents
The Public Insurance Company offers both online and offline services tailored to user preferences. It grants policyholders and prospective customers access to its website portal for a range of services. Additionally, the company operates branches nationwide and employs authorized agents, providing users with options for making premium payments. During registration, users are required to input personal details for enhanced tracking. Moreover, the LIC Company prompts individuals to designate a nominee in the event of the beneficiary’s demise or permanent disability. This ensures that funds are allocated to rightful heirs and family members. Typically, a nominee is a trusted family member, such as a spouse, sibling, or parent, chosen to manage the policy funds and execute the policyholder’s intentions for their family’s well-being.
Before selecting a nominee, it’s crucial to assess whether the individual has the best interests of you and your family at heart. They should exhibit selflessness and genuine concern, rather than self-centeredness or ill intentions. Though choosing a nominee may pose a challenge, it’s a necessary decision. Fortunately, the LIC Company offers flexibility regarding policy matters, permitting beneficiaries or policyholders to change nominees at any time. This process can be easily executed through both offline and online channels, accommodating various reasons for nomination adjustments.
Change Nominee in LIC Policy Overview
| Article For | How to Change Nominee in LIC Policy Online 2024 |
| Change Nominee in LIC Policy | Click Here |
| Year | 2024 |
| Category | Trending |
| Official Website | https://licindia.in/ |
How to Register Online for LIC Policy?
- Visit the LIC India website portal at https://licindia.in/.
- On the homepage, navigate to “Online Services” > “Customer Portal” > “LIC’s e-Services.”
- Choose between “New User” and “Registered User.”
- Select the “New User” tab and enter the required details:
- LIC policies
- Policy number
- Date of birth
- Email ID
- Mobile number
- Review the details and click the “Proceed” button.
- Create a username and password, and confirm the password to proceed.
- The system will send a confirmation and welcome email to verify your registration.
- Once verified, you can log in using your credentials and access LIC policy services.
Note: During registration, nominate an LIC nominee or beneficiary. Choose the appropriate person and provide their contact details, specifying the relationship (e.g., mother, father, son). You can change the nominee information anytime and select your preferred beneficiary.
How to Change Nominee in LIC Policy?
To change the nominee name in LIC policy, follow these steps:
- Log in to the LIC portal and access your policy details.
- Navigate to the nominee changing process, which is available alongside other online services such as premium payments and status checks.
- If online assistance is insufficient, visit the nearest LIC branch office for guidance.
- Nominee changes are free for policyholders with a sum assured of Rs. 75,000 for the first time. A fee is applicable for subsequent changes.
- Fill out Form 3750 to notify the Company of the change.
- Ensure the form is endorsed and attach proof documents of the policyholder and the new nominee.
- Provide the policy bond and Form No. 3750.
- The first change or cancellation is complimentary for policyholders with a sum assured of Rs. 75,000.
- Processing fees are Rs. 50 for electronic forms and Rs. 100 for others.
- The LIC policy officer will verify the details and make the necessary changes upon approval.
Documents Required for Change Nominee
The following documents are essential when updating the nominee in an LIC policy:
- Form 3750
- Proof of relationship between the policyholder and the nominee
- Policy contract for endorsement
- Photocopy of the LIC policy
Note:- Please be aware that policies with a sum assured of Rs. 75,000 or higher incur a fee of Rs. 50 for changes in nomination, cancellation, or initial nomination for electronic policies. For non-electronic policies, this fee is Rs. 100.
Conclusion
In conclusion, managing your LIC policy, including registering online and updating nominee details, is a straightforward process facilitated by the LIC India website portal. By following the outlined steps and ensuring you have the necessary documents, you can navigate changes effectively. Additionally, understanding the associated fees based on the sum assured of your policy is crucial for a smooth transition. With these considerations in mind, you can confidently maintain your LIC policy and secure the well-being of your beneficiaries.
FAQ’s
Can I change my LIC nominee online?
Unfortunately, the online option to change the nominee in LIC policies is not currently accessible. It is recommended to make any necessary alterations to your nominee declarations or updates in person, directly with the agent. Therefore, we encourage you to visit your nearest branch for assistance with this matter.
How can I know my LIC policy nominee?
The policy schedule, located on the first page of your policy document, includes vital information such as those listed above, along with additional details like nominee information and your address. Additionally, it provides essential dates such as the policy commencement date, your date of birth, maturity date, and the due dates for renewal premiums, including the months in which they are to be paid.
Is nominee mandatory for LIC policy?
The lump sum, referred to as the sum assured, is a predetermined amount within your insurance policy. Therefore, it is compulsory to specify the nominee in your proposal form. When acquiring an insurance policy with a death benefit, it is essential to include the nominee without exception.
How many times can I change a nominee?
The LIC Company does not impose restrictions on policyholders regarding the promotion and alteration of nominees; however, a processing fee is applicable to facilitate the process.
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