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Thursday 27 October 2016

How to transfer LIC policy to another branch

I recently transferred my LIC policy from Chennai branch to my home branch.

Through this post, i'll share how you can transfer your policy from existing Servicing branch to your native (home) branch.

Note 1: If you are currently not residing in your Servicing branch city / area, you don't need to go in person to get the branch transfer done.

Note 2: Before i did the transfer of my LIC policy, i checked online and most of the posts has mentioned that LIC policy holders can transfer policy online by sending an email to the Branch Manager. This is not true as no LIC branch do transfer of policy online by just receiving email.

I checked with LIC Customer Care and their Mumbai Headoffice branch and found out that LIC do not allow policy transfers online through emails. This may result in fraud so LIC needs signature verification which cannot be done online in email, so they do not allow users to ask for branch transfer online by sending email to Servicing Branch Manager. They need an hand written application with your signature on it to authenticate the request for branch transfer.

Procedure to transfer the LIC Policy to another branch:
  • You need to write an application to the Servicing branch that you want to transfer your LIC policy from Servicing branch to your Native or currently location's branch.
  • You need to attach an ID and Address Proof along with the application. 
    • ID proof can be Pan Card, Passport etc.
    • Address proof can be Driving License, Passport etc.
    • Mumbai Headoffice asked me to not atatch Aadhar Card as it's still not recognized for identification. So i used Pan card and Driving license.
    • Note: Please make sure you self attest application, ID and Address proof. It's very necessary to do so.
  • You can mention the reason for branch transfer in your application. 
  • Please mention the Policy Name and all the Policy Number(s) clearly in the application to do the transfer
  • Please mention the Branch Name, Code and Address of the branch where you want to get the transfer done clearly in your application. Failing to do so, might result in application rejection.
You can send the application along with ID / Address proof docs via speed post / courier or in person by visiting the Servicing Branch.

I sent by speed cost because it makes it easy for me to track the post using the EMS number.

Note 3: Please make sure you mention the Branch Name, Code and Address (along with Pincode) where your policy needs to be transferred clearly in the application.

You can get branch code from this link: Branch Locator

You can login into your LIC account to check your Servicing branch and get its address. Servicing branch's address is also mentioned on the original LIC policy given to the user.

This transfer generally takes place in a week's time. You will get SMS once the policy is transferred. You can also login into your LIC login and check under "Policy Status". Current Servicing branch name is always mentioned at the bottom of each policy status.

Thanks

420 comments:

  1. Thanks for your information. Its really helpful for us.

    ReplyDelete
  2. Nice info. Once the branch is changed, do we get POLICY with new address or we need to keep OLD policy only?

    ReplyDelete
  3. Thank you Mr Rahul for the useful information you have posted....Janardhan

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  4. Very useful information. thanks for sharing.

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  5. Thanks for step by step procedure

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  6. very good information.

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  7. Thanks for sharing the information. It is really helpful.

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  8. Thanks for your information.

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  9. is policy succesfully transferred if sending by post ?

    ReplyDelete
  10. Thanks for useful information

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  11. Thank you,it is very helpfull to others,who need transfer the lic policy serving branch to another branch.

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  18. thank you sir,
    but it would be better mention that letter also how to write in english
    and we will be thankful to you.

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  19. can you kindly show the letter format in which we have to send the mail to our servicing lic branh.

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  134. SIR..I AM IN CHENNAI,N0 ADDRESS PROOF IN MY NATIVE PLACE,,BUT I WOUID LIKE TO TRANSFER IT TO MY NATIVE.I AM HAVING PAN CARD.IS IT POSSIBLE TO TRANFER MY POLICY? MY PARENTS ARE REQUEST TO TRANFER MY POLICY TO MY NATIVE,,PLS TELL ME

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