I need to change the nominee on my LIC policy. I’m worried that if I submit a form to change the nomination, it might mess up or deactivate the NEFT bank details I have registered for my maturity payment. Is that a risk?
You can change your LIC policy nomination at any time without it affecting your active NEFT mandate. The process of updating your nominee and the registration of your bank account for NEFT payments are two completely separate and unrelated procedures.
Understanding That Nomination and NEFT are Separate
My friend had this same concern when he wanted to update his nominee from his mother to his wife after he got married. His LIC agent gave him a very clear assurance. The agent explained that the nominee is the person designated to receive the policy benefits in the event of the policyholder’s death. The NEFT mandate , on the other hand, is for the policyholder’s own bank account, to receive payments like survival benefits or the final maturity amount if they are alive. The two do not interfere with each other.
The Process for Changing Your Policy Nomination
The agent then explained the correct procedure to my friend for changing the nominee. It is a formal, offline process. He had to download Form 3750 , which is the official ‘Change of Nomination’ form, from the LIC website. He then had to fill it out with his wife’s details, including her full name, age, and address.
Submitting the Form at Your Home Branch
After filling out the form, my friend had to sign it, and his signature had to be attested by a witness. He then submitted this completed form at his LIC home branch. The branch officials verified the form, updated the nomination in their system, and made an official endorsement on his policy document. Throughout this entire process, his existing NEFT registration for his own bank account remained completely untouched and active.
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