LIC Nominee: All the facilities have started online on LIC’s portal but the process of changing the nominee is still done in offline mode.
LIC Nominee: Even today, most of the people in the country rely on LIC i.e. Life Insurance Corporation (LIC) to take insurance of their life. Investing in LIC can be a good option to secure the future of yourself and your family. However, for this, you have to choose a family member as a nominee in your policy. Although all the facilities have started online on LIC’s portal, but the process of changing the nominee is still done in offline mode.
Why is it necessary to have a nominee in the policy?
Nominee is not fixed while buying LIC policy. According to the rules in the policy, a family member or relative has to be nominated. The financial or other benefits of the policy are available to the same person whose name is enrolled in the policy.
Who can be the nominee?
You can make single, multiple and alternate nominations in your policy. If you have taken a joint policy, then the nominee will also be joint. An unknown person cannot be made a nominee in the policy. At the same time, your child, even if he is a minor, can also make him a nominee.
How can I change the nominee in the policy?
Explain that before the maturity of the policy, any person can change the nominee any number of times. The name of the nominee will be changed in the same branch where your policy operates. You can change your nominee from where the policy is opened. The process of changing the nominee cannot be done online, you can do it offline only.
The process of changing the name of the nominee is to go to the branch of LIC and change your nominee from there. As soon as the new name of the nominee comes into effect, some of its charge will be taken along with GST. Download the nominee form from the LIC website, provide proof of relationship with the nominee and enter all the details in the form.
