Life Insurance

When can a nomination be done?

To begin with, ‘nomination’ is the process of identifying a person to receive the policy amount in the event of death of the policyholder. The nomination can be done at the start of the policy by providing details of the nominee in the proposal form. However, if the nomination is not given at the beginning, it can be done at a later date. This nomination has to be effected by giving notice in a prescribed form to LIC and getting it endorsed on the Policy Bond.

The policyholder can change the nomination at any time during the term of the policy and for end number of times. For this, the policyholder has to give a notice in a prescribed form to LIC. Further, nomination can be removed any time by the policyholder without giving prior notice to the nominee.

Under nomination, the nominee gets only the right to receive the policy amount in the event of the death of the policyholder; nomination does not pass on the property in the policy. If nominee dies when the policyholder is still surviving then the nomination would be ineffective. If nominee dies after the death of the policyholder but before receiving policy amount, then again the nomination becomes ineffective and only the legal heirs of the policyholder can claim money.

How do I revive my policy that has lapsed?

If your policy has lapsed on account of non-payment of premium within the specified due date, you can re-apply to reinstate it, if:

  • You apply within 5 years from the date of the first unpaid premium and before the maturity date
  • You pay all the required premiums and interest
  • You give us satisfactory evidence of health at your own expense The reinstatement will take effect only if we accept your application. We will notify our acceptance to you.

What is nomination of the policy?

Section 39 of the Indian Insurance Act 1938 provides for nomination of a person who would receive the benefits of the claim on the death of the life assured. Nomination establishes a clear title to the policy. This prevents dispute and also prevents delay in settlement of a death claim. In the case where nomination has not been given at the time of proposal, nomination can be made at any time during the term of the policy. Nomination can also be changed, at any time during the tenure of the policy, by intimating respective insurance company

Can I change my nomination?

Yes. You can change your nomination at any time till the maturity date. All you need to do is to inform us about the change through a specified form.

How do I notify my change in address?

You can call our customer service center or notify us through a letter about the change of address. We shall confirm the change to you.

What if I forget to make payment?

We offer you a grace period for non-payment on due date. This grace period is 30 days from the due date in case premium payments are made on quarterly, half-yearly or yearly basis. It is 15 days from the due date for monthly payments. During this period the policy remains in full force and no interest is charged. If you fail to pay a premium even during the grace period, your policy automatically:

Lapses if there is no surrender value.Converts to a paid up policy if there is enough surrender value

What If I lose my policy?

You can apply for a duplicate policy document. To get this document, you will have to send us a letter stating the circumstances under which the policy was lost.

Can I assign a policy?

The policy can be assigned. To assign the policy you have to notify us regarding the assignment.

To whom is my death claim amount paid ?

The death claim is paid to:

  • The nominee, as declared by you in the proposal form
  • The legal heirs, in case you have not specified the nominee
  • The appointee named by you, in cases where the nominee is a minor at the time of claim

How does the nominee/legal heir make a death claim ?

The claimant (Nominee/Legal heirs) must send us:

  • An intimation of the death of the life assured
  • Death certificate
  • Completed claim forms and other forms as required by the company
  • Policy of Life assurance
  • Identification that the person is entitled to receive the payment

What additional requirements are there for an accident claim?

In addition to the requirements for a death claim, the claimant should submit all the reports (police, hospital etc) pertaining to the accident as required by the company.

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