Can I Transfer my LIC Policy to another family member

I have seen many LIC policyholders asking this question.

LIC policy is a life insurance policy. It is related to the policyholder’s life as per his date of birth. Any life Insurance policy cannot be transferred to any other life as the date of birth and the premium calculations change totally.

LIC Policy transfer to nominee??

LIC Policy transfer to the nominee is also not possible. The nominee is a beneficiary, he has nothing to do with the premium payment. Any Insurance policy once bought will be in the same policyholder’s name only till the end.

There is a huge confusion between the policyholders and others that the Insurance plan, after paying so much money, cannot be changed. Insurance is not an investment of only investment. Whereas Life Insurance and its premium is related to the age of the policyholder.

 

For any query with reference to an Insurance policy, write to me at licshivakumarbangalore@gmail.com