Nominee:-The process by which a person can be identified to receive the policy amount if the policyholder dies during the policy term.
A policyholder 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 of nomination: A policy holder can change his nomination during the policy term and it can be changed any number of times. To change the nomination policyholder has to give a notice to LIC OF INDIA in a specified form (Form 3750) and nomination has to be endorsed. Further, the policyholder 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 office.
At the time of nomination the following documents are required
1. Relation proof of life assured and the person being nominated.
2. Form 3750 is also required
3. Policy bond is required for endorsement