LIC Policy: How to Change Policyholder’s Name

How to Change Name of the Insured on the Policy Document

Modifying or changing names on an existing life insurance policy is easy and convenient. The following steps can be referred to for the same:

Step 1: Gather Required Documents

Before starting the process, ensure you have the necessary documents:

1. Original LIC policy document.

1. Completed and signed name change request letter.

1. Proof of name change (marriage certificate, divorce decree, or legal name change document).

1. Proof of identity and address (Aadhar card, PAN card, passport, or any government-issued photo ID).

1. Passport-sized photographs.

Step 2: Visit Nearest LIC Branch

Go to your nearest LIC branch and request the "name change request form." This form can be obtained at the branch or may be available online.

Step 3: Fill Out the Forms

Carefully fill out the name change request form, ensuring accuracy in the information provided.

Step 4: Attach Necessary Documents

Attach photocopies and originals of the supporting documents. LIC representatives may verify them.

Step 5: Submit Your Request

Submit the completed forms and documents to the LIC representative. Receive an acknowledgment receipt for your request.

Step 6: Processing and Confirmation

LIC will process your request, and confirmation of the name change is typically received within a few weeks. Once confirmed, you will receive an updated policy document with your new name.

How to Modify the LIC Policy Nominee

If you wish to change the nominee in your LIC policy, you can follow these steps alongside the name change request:

Step 1: Obtain Nominee Change Form

Request the "nominee change form" from your LIC branch.

Step 2: Fill Out the Form

Complete the nominee change form, providing accurate details for the new nominee.

Step 3: Attach Supporting Documents

Include proof of identity and relationship with the nominee, along with their photograph. Ensure you have all required documents.

Step 4: Submit the Form

Submit the nominee change form and supporting documents to the LIC branch. The nominee change will be processed concurrently with the name change request.

Step 5: Confirmation

Upon completion of the process, you will receive a confirmation letter or an endorsement on your policy document, indicating the updated nominee.

Documentary Proofs Required for Name Change

In order to successfully modify the name of the insured in LIC policy document, one needs to produce certain evidence to support the change. Presenting either one of these evidence at the time of name change will suffice:

1. Gazette Notification
2. Newspaper Advertisement
3. Affidavit
4. Marriage Certificate
5. Adoption Deed Document (in case of adoptions only)

Important Points to Keep in Mind:

1. Name change can only be done by LIC officials from the home branch.
2. Documents such as passport and PAN card are typically required during a name change.
3. Consulting a life insurance expert before commencing the name change process is advisable to avoid errors.
4. Original copies of documents along with affidavit must be carried along at all times.
5. Verify that all of the data you enter in your request forms is true and corresponds with the supporting documentation.

Additionally, it is also important to read through the policy guidelines on the website before commencing the process.

Conclusion

If you undergo a change in your name, it is essential to communicate it to the company immediately. The name you have provided at the time of purchase will be used by the company under all circumstances including claim settlement. If you don’t update your correct name in your LIC policy document, you may face some issues at the time of claim settlement. Though the whole process may take some time, it is a crucial change that must not be ignored.