The process by which a person can be identified to receive the policy amount if the policy holder dies during the policy term.
A policy holder can do nomination at the time of proposal by giving the details of nominee in the proposal form. If nomination cannot be done at the time of proposal. It can be done later also. If nomination is done later, it has to be effected by giving notice in a prescribed form of LIC & it has to be endorsed on the back of the policy document. A nomination is not required to be stamped.
Process of change the nomination in LIC Policy
A policy holder can change his nomination during the policy term and it can be changed any number of times. To change the nomination in LIC policy, the policy holder has to give a notice to LIC OF INDIA in a specified form (Form 3750) and nomination has to be endorsed. Further, the policy holder can remove it without any prior notice to the existing nominee. Nomination can be done and changed any time by the Life Assured during the policy term in the LIC OF INDIA’s Branch office.
At the time of nomination the following documents are required
1. Self attested ID and Address Proof of policy holder
2. Form 3750
3. Policy bond for endorsement
For more details, you can call at +91 9981554001