Policy holders must nominate a nominee/beneficiary (as stipulated under Section 39 in The Insurance Act, 1938) at the time of the insurance proposal.
One can have single, multiple or successive nomination.
Documents you Need:
1. Filled LIC – Change of Nomination Form or LIC – Change of Successive Nomination Form.
2. Photocopy of LIC Policy
3. For all policies with sum assured above Rs 75000/- Fees to be charged for registering cancellation, first nomination or change of nomination is:
a) Rs 50/- for policies issued in electronic form
b) Rs 100/- for policies issued in other than electronic form.
In case of policies with sum assured equal to and below Rs 75000/- the first cancellation or
change of nomination will be free. The fees shall be charged only from the second cancellation or change of nomination.
Things to Take Care:
1. Always provide nominee full name (as it appears in his official documents e.g. passport, driving licence), address, age, relationship between the nominee and the policy holder.
If the nominee is a minor,
2. If the nominee is a minor (an appointee is required since they are ineligible to receive claims directly) appoint a person (who is a major) as an appointee giving his full name, age, address and relationship to the nominee.
3. After the application for changing the nomination is filed, one should not forget to get a written acknowledgement from the insurance company.
4. You can also make add Successive/Alternate Nomination for Single Life or Joint Life or Minor.
Things to Take Note:
1. The Nomination can be changed any number of times during the term of the policy.
2. Please note that only the people having insurable interest in the life of the assured can be nominated as nominee/beneficiaries under the policy – parents, wife, children, siblings etc.
3. The Nominee has no right on the policy or the policy monies during the lifetime of the assured.
4. If the beneficiary nominee/nominees die after the death of insured but before the amount secured by the policy is paid, the amount shall be paid to the heirs or legal representatives of nominee/nominees or to the holder of succession certificate as the case maybe and they shall be beneficially entitled to such amount.