If you have LIC policy, then this news is of great use to you. Actually LIC has made a big change in its rules. It is better that you also get complete information about them.
The policies of Life Insurance Corporation of India ie LIC are very popular among the customers. Being a government company, customers have a lot of trust on LIC. To make insurance services smooth, LIC keeps on making minor changes in its rules from time to time. These changes are made so that the customers do not have to suffer the loss of anything.
Do you know that LIC has made a big change in its rules in recent times. In fact, it is now mandatory for you to make a nominee at the time of purchasing the policy. If you do not do this then you have to bear a lot of losses. Come, let us tell you what are the losses you can face if you do not make a nominee.
Who becomes the nominee
Nominee is arranged in the policy so that if an accident happens to you, then there is no harm to your loved ones. The amount of insurance you have taken goes in the name of the nominee. Although most people choose their spouse while making a nominee, but most exporters recommend that apart from the spouse, children, father, brother or mother can also be made nominees in their policy.
What are the rules for making a nominee
In LIC’s policy, the nominee is the one who is entitled to the remaining money of the policy after the death of the policyholder. Let us tell you that even after making a nominee in the policy, you can change it. If you ever feel that you want to change your nominee, it can be done very easily. For this you download the nomination form from LIC’s website, then you can get your nominee updated through an application by going to LIC’s office. Let us tell you that if you have more than one nominee in your LIC policy, then it would be better for you to decide the share of all, so that there is no dispute in future.
Whom to make nominee
Nominee is selected who is your trust or a close member of your family. It is better that you make him your nominee who is able to maintain the family even in your absence and can take the responsibility of your family.
What will happen if the nominee is not made
If you do not make a name in your life insurance policy, then you will not be able to buy the policy. Also, if the person whom you have nominated is no more or your relationship with him/her has ended, please update another member as a new nominee in your policy immediately. Lest it happen that in case of an accident all your money gets drowned.
