Stories
LIC Policy Nominee Rules: How to Update Nominee Details Easily After Marriage
- •Policyholders must periodically check and update their LIC policy nominee details, especially after major family events like marriage or the birth of a child.
- •You do not need to close your old policy or buy a new one to change the nominee, and the current nominee's consent is not required.
- •To change the nominee, fill out LIC Form No. 3750 from the official website and submit it along with necessary documents to your servicing LIC branch.
- •If a minor child is made a nominee, you must appoint an appointee and correctly fill out the associated details in the forms.
- •Ensure all spellings, dates of birth, and relationship details are accurate, and always obtain a written acknowledgment from LIC after submission.
Key Questions Answered
You can change or cancel your nomination during the policy term without needing to close your old policy or purchase a new one. To do this, download and fill out Form No. 3750, also known as the Notice of Change of Nomination, from the official LIC website. Provide the new nominee's name, address, date of birth, and relationship details, and submit the completed form to the LIC branch where your policy is serviced.
If you wish to make a minor child a nominee for your LIC policy, simply entering the child's name is not enough. You must also appoint an appointee who will handle the process of receiving the policy amount while the child remains a minor. It is necessary to correctly fill in both the minor child's information and the appointee-related details using the separate forms provided by LIC.
Simply submitting the change form is not enough for the update to take effect. According to LIC rules, a nomination change becomes effective only when the insurance company is informed, records the change in its system, and the necessary papers are properly processed and preserved. It is advisable to obtain a written acknowledgment or receipt upon submission and ensure the new name is registered in LIC's records.
