Changing the nomination of your LIC (Life Insurance Corporation) policy is a straightforward process. Here are the steps you need to follow:
1. Understand the Nomination Process
Nomination: Nomination is a process where the policyholder appoints a person to receive the policy benefits in case of the policyholder's death.
Eligibility: The policyholder can change the nominee at any time during the policy term.
2. Gather Necessary Documents
Policy Document: Original policy bond.
Nomination Form: Form No. XXXX (Nomination Form) or Form No. XXX if the policyholder is a minor.
ID Proof: Valid ID proof of the policyholder (e.g., Aadhaar card, PAN card, passport).
Policyholder’s Photograph: Recent passport-sized photograph.
3. Fill Out the Nomination Form
Form No. XXXX: Complete the form with accurate details of the new nominee, including their full name, address, date of birth, and relationship with the policyholder.
Signature: The form must be signed by the policyholder.
4. Visit the LIC Branch
Locate Branch: Visit the LIC branch where your policy is serviced or any nearest branch.
Submission: Submit the completed nomination form along with the original policy bond and a copy of your ID proof.
5. Verification Process
Document Verification: The LIC office will verify the submitted documents and ensure the form is correctly filled out.
Confirmation: You may be asked for additional information or documents if needed.
6. Receive Acknowledgement
Acknowledgement Slip: Once the change is processed, you will receive an acknowledgement slip from LIC.
Updated Policy Bond: The updated policy bond with the new nomination details will be provided.
Detailed Steps:
Download the Nomination Form:
Form No. XXXX: Obtain the form from the LIC website or the nearest LIC branch.
Complete the form:
Policy Details: Fill in your policy number, policyholder's name, and other policy details.
Nominee Details: Provide the nominee’s full name, address, date of birth, and relationship with the policyholder.
Signature: Sign the form as the policyholder.
Gather required document:
Original Policy Bond: Ensure you have the original policy document.
ID Proof: Copy of a valid ID proof.
Photograph: A recent passport-sized photograph of the policyholder.
Submit the form and Documents:
Visit Branch: Go to the LIC branch where your policy is serviced.
Submission: Submit the completed nomination form along with the original policy bond, ID proof, and photograph.
Verification and processing:
Verification: LIC officials will verify the submitted documents.
Processing: The request will be processed, and the nomination change will be recorded.
Receive Confirmation:
Acknowledgement: Obtain an acknowledgement slip confirming the change of nomination.
Updated Policy Bond: Collect the updated policy bond reflecting the new nominee details.
Points to remember:
Multiple Nominees: You can nominate more than one person. In such cases, specify the share of each nominee.
Minor Nominee: If the nominee is a minor, appoint a custodian/guardian to receive the benefits on behalf of the minor.
Keep Copies: Always keep a copy of the submitted form and the acknowledgement slip for your records.
By following these steps, you can successfully change the nomination for your LIC policy. If you need assistance, LIC agents or branch officials are available to help guide you through the process.
Parag Nesarikar
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