LIC Policy Norms: If you are also taking LIC policy or you have already taken it, then this is important news for you. At the time of purchasing the policy, your family member must be the nominee (life insurance policy nominee). If you did not nominate while taking the policy and there is an accident, then your loved ones may have to be deprived of money.
The biggest advantage of having a nominee will be that the family will not face any problem in taking the policy claim and unnecessary disputes will also be avoided. Decide the name of the nominee while taking the policy. But keep in mind that choosing the right nominee for the policy is also very important. If you are the sole earning member of your family, choose a family member as the nominee who is capable of taking financial responsibility in your absence.
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Most of the time this responsibility is taken by the spouse, then you can nominate him/her without any hesitation. In such a situation, your family members will definitely get help. It has been seen many times that some people want to divide their money between two people. Like wife and child or wife and brother or mother. In that case, you can buy more than one policy and create different nominees for different policies.
Or at the time of buying the policy, you can decide the share of more than one person and nominate them. For this, a written guarantee can be taken from the insurance company while buying the policy. Not only this, LIC gives this facility that the policyholder can also change the nominee from time to time.
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If the nominee dies or gets a job and another member needs more money, the nominee can also be replaced. Not only this, the nominee can also change in case of marriage or divorce.
For this, you can download the nominee form from the website of the insurance company. Or this form can be taken from the LIC office. Fill the nominee details in the form and submit the copy of the policy document and your relationship with the nominee. If there is more than one nominee, the share of each should be decided and written.