LIC Policy Assignments / Nominee Procedure?

[kagarwal]

Nominations
While taking insurance policy, the person has to indicate his nominee (mostly his/her close relatives) to receive money incase of unfortunate happening. The nominee can also be a minor but an appointee (who's a major) has to be appointed till the minor nominee become major. The policyholder can change the nominee anytime during the policy term. It should be remembered that unlike in assignment, the nominee has no right to claim any amount as long as the policyholder survives.

Assignments

This is nothing but transferring of interest of the policyholder to another person. Examples - As a collateral security for loans

[amit_kumar09]

Very Good explanation about Assignments and Nominations.