Dear Sir,
I(sunil Kumar) have divorced wife. After marriage I took policy in my wife name and I paid first due, my lic agent told me that if you pay two more half yearly dues,wife name can be changed to my name,hence I paid again. After paying ,lic agent brought power of attorney and he told that she cannot enjoy the insurance any more and all benefits can be claimed by me.after paying the dues ,receipt is coming in her name as if she has paid.
I just want to understand whether my agent is correct or should I proceed to cancel her name and add my name.
Basically you need to understand the policy. There is no rule in LIC to change the name of the insured. But there is provision to assign such policy in the name of the assignor when such an application to the LIC is made by the insured duly signed and notice issued to the LIC. But without the knowledge of the insured you cannot make any changes to the policy. Your agent might be selfish in deriving his commissions since every installment paid by you he gets commissions.ask the agent to give in writing about the name change.
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