No nominee? Would it be a problem in claim?

[samir]

I have taken a LIC policy in year 2001, when I was bachelor. At that time, I have mentioned my mother name as my nominee. Now I am married and have one daughter. Would it create a problem in maturity claim?

Regards,

Samir

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[narayan]

No problem at all. Nominee is the person, who receive the proceed.

[samir]

No problem at all. Nominee is the person, who receive the proceed.

But I have read some where that after your marriage the Life Insurance proceed would must go to your wife. In my case the proceed of old LIC Policy would go to my mother. That is what my concern?

[PolicyWala]

But I have read some where that after your marriage the Life Insurance proceed would must go to your wife. In my case the proceed of old LIC Policy would go to my mother. That is what my concern?

Nominee is the person, whom you have nominated to receive the money. A nominee may not be beneficiary. As far as I remember, in LIC policy you have to give some benefit to wife (as per one court ruling), out of the proceed.