Many of my clients says that I am from Bihar / Bengal, can i change my Policy from Delhi to Bengal / Bihar at my nearest LIC branch. I say yes to them. Person who has taken LIC insurance policy (/ies) can change their policy (/ies) service branch. Service Branch means the branch from where LIC Policy bond has been issued. We all know that LIC of India is India's biggest life insurance company operating since 1956 and having more than 2000 branches across the country. Mostly people who has taken LIC insurance policy and then if they have to shift to some other city or state, and if they feel need to shift their LIC service branch they can do so. For example Ram is doing job in Delhi and he hails from Patna and has taken LIC's Life insurance policy (/ies). Now Ram is thinking to shift to their home town (Patna, Bihar). One thing to remember all LIC insurance policy taker that they have to visit their home branch if it comes some critical matter pertaining to policy. But maximum work can be done at any LIC branch so, don't worry. Now Ram is thinking to transfer their LIC Policy to their nearest branch situated at Patna (home town).
There are three methods to change / port LIC Branch. So, Ram can opt any one procedure to change LIC Branch.
1. By Visiting Current Policy Servicing Branch :
You can go directly go to your current Policy Servicing Branch with an application and photocopy of LIC policy (/ies) about to transfer your policy from current servicing branch to your nearest branch. Remember to get receiving of your application submitted at branch.
2. By Sending Request Through Email :
You can send an email to the branch manage of your current LIC policy serving branch regarding the change of serving branch of your policy. You need to attach scan copy of all your policy you wants to transfer with your ID proof and address proof with valid reason. Email id of the branch is clearly written on your First Premium Receipts (FPR) and on your Policy Bond in Service Branch Column.
3. By Sending Request Through Post :
Write a letter to your LIC Branch about to change the new service branch of your policy ( you must provide them Branch Code and complete address). Attach photocopy of your policy(ies) you want to shift to new branch along with policy holder's self attached ID proof and address proof with a valid reason. Post it through courier / post office, keep the receipt of post and keep tracking with your LIC branch.
But there are some restriction of Transfer of Policy : -
1. Policy can not be transferred within one year from date of commencement of such policy.
2. Premium of such policy (ies) must of showing paid for one year.
3. Lapsed policy can not be transfer / shift. It can be only after revival of that policy.
4. Policy which are to be mature within one year can not be transfer to any other branch office.
5. Only policy in-force can be transfer.
6. Policy under convertible Guaranteed Triple Benefit Plan , Whole life Plan and Children's Deferred Endowment Assurance plan where date of exercising option/adoptions under the policy's fall due in the course of one year following the date of request for transfer should not be transferred unless the option/adoption in the case of GTB / CDA policy has been exercised/ completed.
7. Salary Saving Scheme (SSS) policy, can be transferred to another branch office or Division office even though it is in lapsed condition with specific request made by policy holder that he will revive such policy after transfer to the new office.
This post first appeared on Save Tax Save Money With Life Health Insurance, please read the originial post: here