LIC allows alterations; take a look at the guidelines

The Life Insurance Corporation of India (LIC), India’s largest life insurance service provider, offers a diverse range of insurance covers to the common people. Policyholders can opt for different types of plans — endowment, money back, retirement, ULIPs, health, micro and more. In a number of instances, it has been observed that the policyholder finds the terms not suitable to him/her and wants to change them. LIC allows certain types of alterations during the lifetime of the policy. However, there are some guidelines that one needs to abide by.

Generally, no alteration is permitted within one year of the commencement of the policy and this facility is not available online. Your applications needs to be given in writing to the branch that services your policy for further action.

Types of alteration

— There are different types of alterations that are allowed on life insurance policies of LIC. Take a look:

— Alteration in class or term

— Lowering of the sum assured

— Alteration in the premium payment mode.

— Removal of an extra premium.

— Switching from without-profit plan to with profit plan.

— Alternation of the policyholder’s name.

— Correction in policies.

— Settlement option of payment of sum assured by instalments.

— Grant of accident benefit.

— Grant of premium waiver benefits under Children’s Deferred Endowment Assurance policies.

— Alteration in currency and place of payment of policy monies.

— Alteration in term or class.

Fee

A fee for the change or alteration in the policy is charged by LIC, called quotation fee. No other fee is charged for alteration in the policy.