Username  
     
      Password  
       
Forgot Password
 
Register and get access to below listed services absolutely free...
 Calculators
 Portfolio
 Councellor
 eGreetings
 Newsletter
   
  Register Here
 

FAQ'S

Visit our FAQs section which helps you answer those little questions related to your policy.

          Click here
 

Life Insurance

 Refer this page to a friend   Print preview

When can a nomination be done?

To begin with, 'nomination' is the process of identifying a person to receive the policy amount in the event of death of the policyholder. The nomination can be done at the start of the policy by providing details of the nominee in the proposal form. However, if the nomination is not given at the beginning, it can be done at a later date. This nomination has to be effected by giving notice in a prescribed form to LIC and getting it endorsed on the Policy Bond.

The policyholder can change the nomination at any time during the term of the policy and for end number of times. For this, the policyholder has to give a notice in a prescribed form to LIC. Further, nomination can be removed any time by the policyholder without giving prior notice to the nominee.

Under nomination, the nominee gets only the right to receive the policy amount in the event of the death of the policyholder; nomination does not pass on the property in the policy. If nominee dies when the policyholder is still surviving then the nomination would be ineffective. If nominee dies after the death of the policyholder but before receiving policy amount, then again the nomination becomes ineffective and only the legal heirs of the policyholder can claim money.

 
Back Top
 
This website is maximized to perform best with Internet Explorer Browser set to 800 x 600