What is the process of nomination under the scheme?
Every Subscriber shall appoint / nominate the spouse or dependants as Beneficiary or Beneficiaries under the Scheme to receive the benefits hereunder in the event of the death of the subscriber.
Every appointment / nomination to be made under this Rule shall be in writing signed by the subscriber and shall remain in full force and effect until the death of the Beneficiary or until the same will be revoked in writing by the subscriber by whom the same was made and a fresh appointment / nomination is made in the manner aforesaid
. A subscriber may from time to time or at any time without the consent of the nominee, if any, revoke or change the nominee by filling a written notice of the change online or at the CSC in the prescribed form whereupon an acknowledgement of the change and the registration of the name of the new Nominee will be given to the subscriber online / at the CSC.
The New appointment shall take effect on the date the notice was signed whether or not the subscriber is living on the date of acknowledgement of the change without prejudice to the Corporation on account of any payment made before the acknowledgement of the change.
If a Nominee shall at the time of his appointment be a minor or otherwise under disability to give a legal receipt or discharge to the LIC the subscriber must at the time of such appointment as aforesaid appoint a person who is major and who is capable of giving a legal receipt or discharge to the Corporation and to whom the benefits are to be paid for and on behalf of such Nominee so long as such minority or disability continues.
If more than one Nominee is appointed and in such appointment the Subscriber has failed to specify their respective interest, the Nominees so named shall share equally.
If any designated Nominee predeceases the Subscriber the interest of such Nominee shall terminates and his share shall be payable equally to such of the remaining Nominees as survive the Subscriber unless the Subscriber has made written request otherwise to the LIC in the prescribed form.