This is how you can change the nominee in LIC’s policy! Why is it necessary to make a nominee and what is the process?

New Delhi. Whenever we invest in a policy, we have to make someone a nominee. If the policyholder dies, then the nominee gets the benefit of the sum assured. Although, it is necessary for the policyholder to make a nominee, but there is no rule to keep the same nominee always. If anyone wants, he can also change the nominee made for his insurance policy.

If you have bought any policy of LIC and you want to change the nominee, then you can easily change it. You can make any member of your family a nominee. Here we are telling you how to change the nominee in any policy of LIC.

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Who can appoint a nominee?
The nominee is appointed by the policyholder only. He is entitled to all the benefits on the death of the policyholder. That’s why you should make a nominee to someone to whom you want to give the benefit of the policy. Most people appoint their spouse, children or parents as nominees. Nominee should be made at the time of issue of the policy. However, if the policyholder wishes, it can be appointed later also.

This is the process of changing the nominee
The policyholder can change the nominee at any time during the term of the insurance policy. Explain that it is not necessary to inform the existing nominee to change the nominee. You can also nominate someone else as a nominee without informing the existing nominee. For this, the policyholder has to send a notice in LIC’s Form 3750. In this, the details of the person who wants to be appointed as the nominee of the insurance policy are given.

These documents will be needed
The entire process of changing the nominee for an insurance policy is done in offline mode only. Online facility for this is not yet available. While changing the nominee, you have to submit LIC’s Form 3750, a policy bond for endorsement, proof of relationship between the policyholder and the nominee. To change the nominee, the policyholder has to inform LIC and submit documents. After this the company completes the further process.

Tags: business news in hindi, LIC Pension Policy, Life Insurance, Life Insurance Corporation of India (LIC)

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