Policy holders must nominate a beneficiary (as stipulated under section 152 of Insurance Act of 1998 at the time of the proposal for life insurance itself. The Nomination can be changed any number of times during the term of the policy LICI recommends that only the people having insurable interest in the life of the assured can be nominated as beneficiaries under the policy – parents, wife, children, siblings, employer, etc. The Nominee has no right on the policy or the policy monies during the lifetime of the assured.

APPOINTEE: Where the nominee is a minor, the policyholder is advised to appoint another elder person as an ‘Appointee’ who will not only receive the money on the minor’s behalf but also will undertake to spend for the minor’s welfare. Hence care should to be taken to appoint only a highly responsible and closely related person as an “appointee”.

Requirements: Form of Notice-cum-Change of Nomination (in Duplicate).
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