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Procedure to Change LIC Policy Nominee/Nomination?

April 17, 2017 By Ravi Shanker 8 Comments

Change Lic Policy Nominee

A policy holders must nominate a nominee/beneficiary at the time of contract with LIC. Policy holder can have single, multiple or successive nomination. In the Procedure to Change LIC Policy Nominee/Nomination

Documents needed for change of Nominee/Nomination are:

1. Duly filled LIC – Change of Nomination Form or LIC – Change of Successive Nomination Form.
2. Photocopy of LIC Policy
3. For all policies with sum assured above Rs 75000/- Fees to be charged for registering cancellation, first nomination or change of nomination is:
a) Rs 50/- for policies issued in electronic form
b) Rs 100/- for policies issued in other than electronic form.
In case of policies with sum assured equal to and below Rs 75000/- the first cancellation or change of nomination will be free. The fees shall be charged only from the second cancellation or change of nomination.

Things to Remember:
1. Always provide nominee full name (as it appears in his official documents e.g. passport, driving licence), address, age, relationship between the nominee and the policy holder.
If the nominee is a minor,
2. If the nominee is a minor (an appointee is required since they are ineligible to receive claims directly) appoint a person (who is a major) as an appointee giving his full name, age, address and relationship to the nominee.
3. After the application for changing the nomination is filed, one should not forget to get a written acknowledgement from the insurance company.
4. You can also make add Successive/Alternate Nomination for Single Life or Joint Life or Minor.

Things to Note:
1. The Nomination can be changed any number of times during the policy term.
2. Please note that only the people having insurable interest in the life of the assured can be nominated as nominee/beneficiaries under the policy – parents, wife, children, siblings etc.
3. The Nominee has no right on the policy or the policy monies during the lifetime of the assured.
4. If the beneficiary nominee/nominees die after the death of insured but before the amount secured by the policy is paid, the amount shall be paid to the legal-heirs or legal representatives of nominee/nominees.

Here you can download the forms:

1. Change of Nomination Form

2. Change of Nomination Form(for Minor Nominee)

Filed Under: lic Tagged With: how to change lic policy nomination, how to change lic policy nominee, procedure to change lic policy nominee, Procedure to Change LIC Policy Nominee/Nomination?

Reader Interactions

Comments

  1. Anirban Basu says

    May 22, 2018 at 3:47 am

    I filed a divorce petition and wish to change the nomination in the name of my minor child now.
    What is the procedure?

    Reply
    • Ravi Shanker says

      June 5, 2018 at 4:11 pm

      For change of nomination, you need to submit a change of nomination form in the concerned branch. For the first time, the service will be free.

      Reply
  2. Anirban Basu says

    May 22, 2018 at 3:49 am

    Wish to have my premiums paid through ECS.
    WHAT’S THE PROCEDURE?

    Reply
    • Ravi Shanker says

      June 5, 2018 at 4:09 pm

      If you want to change the mode of premium payment of your policy, you need to submit a request letter for the same after completion of one policy year. For that you need to give a request letter along with your bank details(either cancle cheque leaf/bank passbook front page). Change of mode fee will be Rs.50/- to be paid across counter.

      Reply
  3. Latrice Gonsoulin says

    May 26, 2018 at 3:55 am

    Wonderful website. A lot of useful info here. I’m sending it to several buddies ans additionally sharing in delicious. And of course, thanks for your effort!

    Reply
  4. Rintesh Roy says

    May 28, 2018 at 10:59 am

    Thanks for the step-by-step instructions. And also for the form 3750. Unfortunately I could not find this form in the official LIC website. What a shame!

    Reply
  5. Nakul Doshi says

    June 13, 2018 at 4:30 pm

    I have policy holder of the co.please give me suggesation how many charges i am paying to add a alter. nominee in my 15 policy,it is complesory to add nomiee in policy
    Thsnks
    Nakul Doshi

    Reply
    • Ravi Shanker says

      June 18, 2018 at 11:33 pm

      For the first time, there is no fee charged for change of nominee. From the next time, Rs.100/- is charged towards Change of Nomination.

      Reply

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