179+ Lawyers are online 
Wrong name of nominee in LIC as nominee
02-Oct-2023 (In Insurance Law)
MY FATHER HAS A LIC OF 4 LAKH. BY MISTAKE IN THE NOMINEE MY MOTHER NAME HAS BEEN WRITTEN AS ANJALI SINHA INSTEAD OF ASHA SINHA.NOW MY FATHER IS NO MORE.HOW I CAN RECTIFY THIS MISTAKE TO RECOVER THE MONEY.
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
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
Helpful?
36+
36+
Adv. Siddhant Sharma
Delhi | 500+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Insurance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
