Life Insurance Policy Nominee Benefits: If you are taking LIC policy or you have taken it, then there is very important news for you. While buying a policy, a member of your family must be made a nominee (Life Insurance Policy Nominee).
Now this rule has also become mandatory. If you have not made a nominee at the time of taking the policy and an accident happens to you, then your loved ones may have been deprived of the amount. That is, the biggest advantage of this is that the family will not have any problem in getting the claim of the policy and unnecessary disputes can also be avoided. Let us know about it in detail.
How to make more than one nominee
Normally people make their spouse the nominee. But if you want to divide your money between two people. Like wife and child or wife and brother or mother. In that case, you can buy more than one policy and create separate nominees for the two policies. Or you can decide the share of more than one person at the time of buying the policy and make them a nominee. For this, a written undertaking can be taken from the insurer while purchasing the policy.
Keep in mind while choosing
the nominee, decide the name of the nominee at the time of taking the policy. But keep in mind that choosing the right nominee for the policy is also very important. If you are the only earning member in your family, then choose the person of the family for the nominee who is capable of taking financial responsibility in your absence. Mostly this responsibility is borne by the spouse, then you can make him a nominee. In such a situation, the members of your family will definitely get help.
Nominees can change with time
- Policyholder can also change his/her How To Change Nominee with time.
- If a nominee dies or gets employment and another member needs more money, the nominee can be changed.
- Apart from this, the nominee can also change in the event of marriage or divorce.
- For this, you download the nominee form from the website of the insurance company or collect this form from the office.
- Fill the details of the nominee in the form.
- Now submit the copy of the policy document and the documents of your relation with the nominee.
- If there is more than one nominee, then also decide the share of each.
