Life Insurance Corporation of India is a government company, so customers trust its policies. The company also keeps on changing the rules from time to time for the betterment of the customers. The company has made such a big change recently. Let’s know about it.
New Delhi. The policies of Life Insurance Corporation of India (LIC) are very much liked by the customers. Since LIC is a government company, customers trust it even more. To improve its insurance services, the company keeps on making minor changes in its rules from time to time. These changes are made to provide better service to the customers and to protect them from any possible loss.
In this sequence, LIC has made a big change in its rules in the past. According to the new rule, now it will be mandatory to make a nominee while buying the policy. But, if you do not do this, then there can be many losses. Let us know what losses you can face if you do not make a nominee.
Who are nominees?
Nominee is arranged in the policy so that even if an accident ever happens to you, your loved ones do not suffer any loss at least. In case of an accident, the sum assured is given to the nominee only. Most of the people choose only partner for the nominee. However, experts say that mother, brother, father or children can also be chosen for this.
In LIC’s policy, the nominee is the one who is entitled to get the remaining money after the death of the person taking the policy. Let us tell you that even after fixing the nominee in the policy, it can be changed. If you want to do this, then for this you will have to fill the form from LIC’s website and then go to the office and get the nomination updated. If there are more names in the nominee, then also decide the better share of all.
What will happen if the nominee is not made?
If you have not made anyone a nominee in the policy, then you will not be able to buy the policy. Also, the nominee dies or your relationship with him ends. So in such a situation, get the name of another member updated in the name of the nominee. If you don’t do this, all your money can be lost.
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