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.
- 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.