A Nominee, as you may already know is a person who will receive the benefits in case the actual beneficiary dies in an unfortunate incident. Nomination is use in various financial products such as Bank investments, Insurance Policies etc. In this case, we’ll talk about Nomination facility in Life Insurance, taking LIC of India in to consideration.
While enrolling in to the policy it is mandatory to assign a Nominee. In case if that step is somehow skipped, you can enroll your Nominee by visiting your Policy serving branch. Not only can you enroll your Nominee, you can also change the Nominee, if you wish to, at any time by a simple endorsement. You’d have to fill a form and sign it which will then be accepted by the Corporation and change their record’s accordingly.
Nomination in any case must specifically be a ‘Name’ of a person. It simply cannot be something like ‘My Wife’ or ‘My Child/ Children’. If you wish, you can give preferences to your Nominee’s in case you wish to include more than one Nominee. For example, you can give your wife the first preference and in case something happens to your wife, your first child can be given the next preference and so on. But remember, specific Names have to be mentioned.
You can also Nominee as Minor but in such cases, a third person has to be appointed so that they can claim and take care of the benefits in case the death of LA (Life Assured) occurs in the Minority stages of the Nominee.
Note: Although various things can be done using the LIC Login portal, Nominee cannot be added or changed Online. One must visit the serving branch and fill the required Nomination change form number 3750.