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A nominee is a person who is named in a life insurance policy as the beneficiary of the death benefit. In other words, the person who will receive the insurance payout if the insured individual dies. The beneficiary can be a spouse, child, or deceased heir. A friend also can be nominated as a life insurance beneficiary.
To change the nominee in a life insurance policy, you typically need to follow these steps:
The policyholder can nominate a person less than 18 years of age as a nominee under their life insurance plan. A minor can be a nominee in life insurance policy if the minor is the child of the deceased. The minor has to be at least 18 years old and must not have any legal incapacity.
As per Life Insurance Corporation of India (LIC) Act, a person who is below 18 years cannot be a nominee for life insurance policy. However, a minor can be nominated for life insurance policy if he or she is the child of the deceased. The minor must be at least 18 years old and must not have any legal incapacity.
Also read to know more about Max Life Insurance: Premium Receipts, Surrender Value, Auto Pay
To check your LIC Life Insurance policy claim status online, follow these steps:
The process of surrendering an LIC life insurance policy online is easy. To surrender your LIC life insurance policy online, send an email to LIC life insurance customer service with the reason for surrendering the policy along with the required policy details and other documents. Once the surrendering form is submitted to the insurance provider, they will surrender the policy. The surrendering process may take some time to complete. Wait for confirmation from LIC Life Insurance that your policy has been successfully cancelled. Once the refund application is approved the refund amount is credited to your account.
To check the fund value of your LIC (Life Insurance Corporation of India) life insurance policy online, follow these steps:
To download an Edelweiss Tokio life insurance policy statement, you typically need to follow the below steps.
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