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  • Category: Finance and Investments

    Can we change the address in LIC bond which is nearing maturity?


    Having a query regarding maturity norms of LIC bond? Searching for detailed information pertaining to how to handle a change of address at the time of maturity? On this page our ISC experts shall provide you with advice to handle your issue.

    We have a LIC bond, the maturity date is just one month from now. The address details mentioned in the bond is different from the address where we are residing at present. We could not recall on this bond as it was a one time investment paid in single premium. We also have the premium paid cash receipt.

    All other details related to name, date of birth is correct. Can we change the addressed now. Will it make any difference if we change, secondly if we do not change what will be the result. Based on your replies, i will take necessary steps.
  • Answers

    6 Answers found.
  • You can apply for a change of address. There is no facility to change the address online. So you have to do it offline only.
    You can do the same as mentioned below.
    1. Go to your brach of LIC or servicing branch.
    2, Submit a letter to the branch manager by referring to the policy number in which you are asking for a change of address.
    3. Submit letter along with valid address proof and a photocopy of the policy.
    4. Get an acknowledgment.
    5. They will verify the documents and change the address.
    6. You can verify online whether your address is changed or not by logging in to their website.

    As the maturity time is just a month away, you can go to the branch and surrender your bond and apply for the proceedings. These days the amount will be credited into your bank account, you can give the bank account details with the application for payment of maturity money. You have to apply in the prescribed form and you have to attach your original bond paper to that. In such a case you need not change the address.

    drrao
    always confident

  • You can apply for change of address as per the standard procedure by submitting the proof of your new address along with the details of the bond but actually speaking there is no need to do so as the payment would be made by direct transfer to your bank and what you have to do is just fill a bank mandate form of LIC and surrender and discharge your bond to their office before hand so that the money is credited in your account on the due date itself. Now a days these processes are computerised and streamlined so there is no problem. Just fill out your new address in that form and give your mobile number and email address. Generally they are giving a message in your mobile also regarding the credit of money to your bank.

    Once you discharge the original bond document along with the bank mandate then there is absolutely nothing to be worried in this matter. One important thing in this matter which I want to share with you is that please see that you submit this before the maturity date as some of the schemes of LIC are a bit confusing and they change the mode of payment if it is not submitted in time. So take care on that account and submit it before the due date.

    Knowledge is power.

  • If you want to change the address in your LIC bond than you will have to apply offline. Life Insurance Corporation of India do not give facility to update address online. Even if you are a registered online user you can not update address online because online address updation is only for information purpose. It will not used for communication purpose.

    So for a change in address you will have to follow offline procedure as given below:
    a) First of all visit your home branch or servicing branch of LIC.
    b) Write an application in the name of Life Insurance Corporation of India. Mention your bond no. and other details like new address and mobile no. etc.
    c) Submit this application along with the address proof and Xerox copy of your LIC bond.
    d) After address verification of address proof they will give you an acknowledgement receipt.
    e) This updation may taken some time and you will have to wait for further updates.
    f) After the updation of address in your account details you can check it online by login to your LIC account on LIC portal in profile section. Updated address will appear there.

    But as you have mentioned that the maturity date of your bond is very close, so if you will not go for a change in the address it does not matter because now-a-days after maturity of bond amount will directly credited to policy holder's bank account. So what you will have to do is visit the home branch, fill the form and surrender your bond. After doing so, your amount will directly be credited to your account at the time of maturity.

  • It is good to intimate and get acknowledgement for the intimation to avoid communication lapse. If you have no time to intimate as the date of maturity nearing, it is better to inform the people in your old address or neighbor of your old address by providing
    1.your phone number and new address
    2.An authorization letter to collect mails comes in your name.
    This should be done by you without fail as they can communicate you or collect the letter received in your name.

  • Corrections can be initiated off line and you may take up the following steps -
    1) Visit the home branch or service branch of LIC office.
    2) Write an application addressed to Branch Manager of LIC of India indicating the policy no for which address is required to be changed.
    3) You will have to submit the valid address proof in the form of photocopy of the original.
    4) The address proof given in the application form will be verified by the officials of LIC .
    5) You need to wait for updating. Normally they are prompt enough in making the corrections as required by you.
    6)To ensure that the same has been updated, go through the portals of LIC and observe the existing status.
    7) Once the same is updated, you may cross check the same by logging to LIC portal under your profile.
    Since your bond is at the stage of maturity, you will be required to fill up the surrender - form along with your bond and the same is to be submitted to the LIC officials for the necessary formalities to be taken up from their end. Maturity proceeds will be directly credited to your Bank - account irrespective of status of your address.

  • A communication address is vital for any members of LIC to get all the updates about your policy from the company that includes new policies, change in schemes, policy renewal date, etc. Without a proper communication address, LIC may not be able to communicate any important information regarding a policy. In your case, your policy is about to mature in a month's time and nowadays after the maturity of any bond, the amount is directly credited to the policy holder's bank account that is verified and provided by the policyholder. Even though if you wish to make the changes in the address, you can do it in two ways - Online or offline.

    Steps to follow for changing the address in Off-line mode:
    i) Visit your home branch from where you have taken the policy.
    ii) Provide an application for change of address along with a copy of proof i.e. the new address telephone bill, ration card, passport, Aadhar card, bank passbook, etc.
    iii) The officer will verify the application and accept your application.
    iv) Once the application is accepted, the process will take place which normally takes a few days to get the update done in the portal.
    v) Once the update of the change of address is completed, it will be reflected on your portal or you may get an intimation through SMS on your registered mobile number.

    Steps to follow for changing the address in On-line mode:
    i) Create an account by visiting their official online portal of LIC of India.
    ii) Enroll his/her policy in his account by taking a print of the form, signing the same and getting the form varified from any branch of LIC of India.
    iii) After the verification is completed, the policyholder can log into his account and change the address online.
    Note: Keep your policy details ready beforehand as it will be required to fill the enrollment form. The address change done through the portal can only be used for information but for communication purposes, one needs to visit the home branch.

    You can contact LIC through phone or email
    Phone: +91 88515 77651 or through IVRS 1251. Every city has the same IVRS number but you need to use your city STD code before dialing the 1251 IVRS number.

    Email: info@lichelpline.com

    For collecting the matured bond, you need to visit your home branch and fill NEFT form and a canceled cheque ( If not doing the payment through NEFT) or if you need to deposit your money in another bank then the one provided to LIC. Carry the original bond paper of the policy and a Rs. 1 Revenue Stamp paper which is easily available in the branch.

    “The most important thing in life is to learn how to give out love, and to let it come in." — Morrie Schwartz


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