Can we transfer LIC policy from one person to another person?

A person can transfer his rights, title and interest in a life insurance policy to another by assigning it to him. Assignment form The policyholder has to send the assignment form or application to the insurance company providing details of the policy that has to be assigned and those of the assignee.

How do I change my name on my life insurance policy?

You simply need to contact your insurer and request a change of beneficiary form and fill out the form accurately and completely. Make sure to spell out the complete names of all your beneficiaries and provide their Social Security numbers to facilitate payout of benefits in the event of your death.

How can I change my beneficiary in LIC policy?

In order to change your beneficiary, you will have to provide a notice to the Life Insurance Corporation (LIC) of India in a form called Form 3750. You will have to mention the details of the person you wish to endorse as the nominee of your insurance policy.

Can I change my life insurance beneficiary online?

You can change the beneficiaries of your life insurance by contacting your insurance company. You’ll need to submit a change of beneficiary form online, on paper, or over the phone. The form will ask for personal information about your beneficiary, such as: Contact information.

Can I surrender LIC policy after 2 years?

The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30\% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

How can I change my LIC policy name online?

The policyholder should use form 3750 to send a change notification to the Company. They need to be endorsed and attach proof documents of the policyholder and the new nominee. Provide the policy bond and form 3750. Next, you need to provide a LIC policy photocopy.