LIC Policy nomination change Procedure
Nomination change is the most common request by policy holders. You must change Nominee on LIC policy if the Nominee is not available. LIC Policy nomination change is not a very big task but takes time if you are not in contact with your agent.
In LIC Policies, the nomination is compulsory as per IRDA guidelines. Below are some key points to understand all about Nomination in a LIC Insurance Policy.
What if the policy does not have any Nominee!
In case the Nominee is not available in the policy nearest Blood relative can apply for a death claim, so you should always assign a nominee whom you really want to pay the amount in an unfortunate event of death.
What if the Name or age of the Nominee is mentioned wrong on policy.
You must have the correct name and age of the Nominee on your policy to avoid any problem in future. If the name or age of the Nominee is not correct on your policy, so you can visit LIC Branch with Affidavit and ID Proof you Nominee and Insured.
Who can become a Nominee in Insurance Policy?
In an Insurance Policy, only a Blood Relative or spouse can be a Nominee.
Can we do an online Lic policy nomination change?
No, you can not change Nominee online; for nominee change, you need to visit your home branch, or if you are not in the same city or state, you can visit the nearest branch also. In some cases, the Nominee can be changed from another branch also.
Documents Required for LIC policy nomination change.
Following Documents are required for nominee change requests.
- Proof of Relationship with Nominee.
- Policy bond (To reflect Changes )
- Form 3750 (LIC Branch will provide you with this form)
- Photocopy of your Policy bond
- Rs.50 Changes in LIC System
- Rs.100 for a hardcopy of the policy bond
Note: Do demand receipt of a request from the LIC branch on submitted Nominee change Request. This receipt will help you in case of the Nominee not change within the required time.
You can ask your LIC Policies service related queries at https://www.workwithlic.com/insuranceforum/