How To Add, Change and Remove Nominee in LIC Policy ?

When purchasing a life insurance policy, you must select a nominee and provide their information on the policy form. If you pass away within the policy period, your nominee will get the sum promised. Because they will be the beneficiaries of the policy, it is critical that you choose your nominee carefully. Individuals who are linked to you and have an insurable interest in you can only be nominated. Nominees are typically parents, siblings, children, or spouses. Today we will share with you details regarding the process to How To Add, Change and Remove Nominee in LIC Policy

How To Add, Change and Remove Nominee in LIC Policy

How To Add, Change and Remove Nominee in LIC Policy

LIC provides a number of online services, including LIC premium payments, status checks, and much more. Aside from the LIC nominee change process, the user can log in to all details. The process necessitates the policyholder seeking assistance from LIC branch offices. A nominee is a key figure in a policy, and changing necessitates additional advice from your policy officer.

Even though you must choose a beneficiary when purchasing an insurance policy, you may choose to change the nominee or their information after purchasing the policy. Changing your nominees can be done for a variety of reasons. You could want to alter the nominee from your spouse to your child or parents if you appointed your spouse as the nominee and are going through a divorce with him/her.

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How to Change Nominee in LIC Policy Online

Policyholders can now access the details of their policies with only a few clicks thanks to the introduction of LIC’s e-services. Customers can use the e-services portal to check insurance status, claim status, and pay policy premiums, among other things. However, the option to modify your nomination is not currently available online.

Changing your nomination is a significant procedure, and it is recommended that you do so at your nearest branch.

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Procedure For Changing a Nominee in LIC Policy

The technique for changing the nominee is straightforward and uncomplicated. You can make the adjustment as many times as you like within the policy’s term. The initial cancellation or change of nomination is free for all policies having a sum insured of less than RS.75,000 rupees. From the second time forward, a price is imposed.

The method for altering nomination is outlined below:

  • The policyholder must fill out Form 3750 and send it to the Life Insurance Corporation of India.
  • It is necessary to vote in favour of the nomination.
  • This procedure requires the following documents:
    • Policyholder and nominated individual’s relationship proof
    • Policy bond (for endorsement)
    • Form 3750
    • A photocopy of the LIC policy
  • For all the policies above Rs.75,000, the following fees is charged for cancellation, change of nomination, or first nomination:
  • Rs.50 for policies issued in electronic (online) form
  • Rs.100 for policies issued in offline form.

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LIC Nominee Change Form 3750 Pdf Download

  • To Change Nominee in LIC Policy, the applicant needs to fill a form called nominee change form.
  • The applicant can download the nominee change for from the official website of LIC.
  • Or you can also download it directly by clicking on the option given here.”LIC Nominee Change Form 3750 Pdf Download
LIC Nominee Change Form 3750 Pdf Download

FAQ’s

Is it possible for me to name my children as policy beneficiaries?

The LIC policy permits users to nominate their siblings. The nominees, on the other hand, will either receive the benefits once they reach adulthood or will receive guidance from the insurance company on how to handle the benefits. Until the youngsters are old enough to handle the policy benefits, another adult can assist.

Is there a limit on how many times I can replace a nominee?

The LIC Company does not place any restrictions on the user’s ability to promote and change nominees; nevertheless, there is a processing fee to complete the procedure.

What does it mean to be a nominee?

A nominee is a person named by the policyholder to receive the death benefit of a term insurance policy if the insured passes away. During the acquisition of a term policy, the policyholder endorses the nominee or beneficiary named on the proposal form.

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