nominee in lic policy

Nominee options in LIC policy

Having you personal details and nominee information updated in your policy is very important. Nominee for a policy can be single or multiple also the nominee can be changed any time as and when required. To add a nominee the policy holder has to intimate LIC in writing along with the details of the changes required and LIC office would change the nominee details instantly. 

Nominee options

  • Single
  • Multiple
  • Minor
  • Combination of any two of the above

A single policy can have multiple nominees. LIC allows policyholder to have number of nominees more than 1 the policy holder can mention the percentage in which the nominees would get claim if anything happens to him. A minor child can also be made a nominee. In such cases a appointee is required to be mentioned in the policy who would take care of the documentation etc and also manage things on behalf of the minor appointee. Once a minor nominee becomes a major or adult, the same gets updated in the policy automatically.Having the nominee details updated in the policy will ensure a smooth transfer of claim funds in case of death of the policy holder.

Vikas is the founder of InsuringGurgaon.com - an LIC life insurance agency based in Gurgaon. He has a experience of 16 years and is working with professionals, corporate and HNIs for their LIC services needs. Vikas is a MBA in marketing from Symbiosis, Pune and has a experience of 15 years working with companies at various levels. Vikas can be reached at 9891420503 and [email protected]

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