LIC Nominee

Nominee is a person who is assigned by the policy holder to receive the benefits upon the death of the policy holder. A nominee can be anyone assigned by the policy holder. It is not  mandatory that he should be a legal heir or blood relation of the policy holder.

It is optional for a policy holder to assign  nominee for his policy. But it is a god practice to assign a nominee. The policy holder can change his nominee anytime without prior notice. If the policy holder cancels the nomination then the nomination becomes ineffective. Policy holder can change his nominee any number of times. If the policy finishes its period and the policy holder is alive then also the nomination becomes ineffective. If the nominee dies before the death of the policy holder then also the nomination becomes ineffective. If the policy holder opts to change the nominee he should contact the branch in which the policy was taken and the change should be endorsed in the policy.

If the policy holder dies during the policy period and their is no nominee for his policy then the benefits of the policy will be delivered to his legal heirs.