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How to Fill LIC Nomination Form 3264

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Life Insurance Corporation of India (LIC) is one of the largest insurance companies in India, providing a wide range of insurance products to its customers. One important aspect of owning a life insurance policy is nominating a beneficiary who will receive the policy benefits in case of the policyholder’s demise. To facilitate this process, LIC has introduced a nomination form, known as Form 3264. In this article, we will guide you through the process of filling out LIC Nomination Form 3264, ensuring that you understand the importance of nomination and how to correctly nominate a beneficiary.

Understanding the Importance of Nomination

Nomination is a crucial step in the life insurance policy, as it determines who will receive the policy benefits in the event of the policyholder’s death. By nominating a beneficiary, you ensure that your loved ones are financially protected and can access the policy benefits without any hassle. It is essential to keep your nomination up to date, especially in case of any changes in your family structure, such as marriage, divorce, or the birth of a child.

Step-by-Step Guide to Filling LIC Nomination Form 3264

Now let’s dive into the process of filling out LIC Nomination Form 3264. Follow these steps to ensure that you correctly nominate a beneficiary:

Step 1: Obtain the Form

The first step is to obtain the LIC Nomination Form 3264. You can download the form from the official LIC website or visit your nearest LIC branch to collect a physical copy. Make sure you have the latest version of the form to avoid any discrepancies.

Step 2: Fill in Personal Details

Start by filling in your personal details in the form. This includes your name, policy number, address, contact details, and other relevant information. Ensure that you provide accurate and up-to-date information to avoid any issues in the future.

Step 3: Provide Nominee Details

Next, provide the details of the nominee who will receive the policy benefits. Include their name, relationship with the policyholder, date of birth, and address. It is crucial to double-check the nominee’s details to ensure accuracy.

Step 4: Specify Share Percentage

In case you have multiple nominees, you need to specify the percentage share each nominee will receive. The total share percentage should add up to 100%. For example:

  • Nominee 1: 50%
  • Nominee 2: 30%
  • Nominee 3: 20%

Step 5: Witness Details

Provide the details of two witnesses who will attest to your nomination. Include their names, addresses, and contact details. The witnesses should be individuals who are not nominated in the policy and are not related to the policyholder or the nominee.

Step 6: Signature and Date

Finally, sign the form and mention the date of signing. Make sure to read the declaration carefully before signing to ensure that you understand the implications of the nomination.

Examples and Case Studies

Let’s take a look at a couple of examples and case studies to understand the importance of correctly filling out LIC Nomination Form 3264:

Example 1: Single Nominee

Rahul, a 35-year-old individual, has recently purchased a life insurance policy from LIC. He wants to nominate his wife, Priya, as the sole beneficiary of the policy. Rahul fills out the LIC Nomination Form 3264, providing his and Priya’s details. He specifies Priya’s share as 100% and gets the form witnessed by two individuals who are not related to him or Priya. By correctly filling out the nomination form, Rahul ensures that Priya will receive the policy benefits in case of his demise.

Example 2: Multiple Nominees

Shreya, a 45-year-old individual, has two children, Aryan and Riya. She wants to nominate both of them as beneficiaries of her life insurance policy. Shreya fills out the LIC Nomination Form 3264, providing her and her children’s details. She specifies Aryan’s share as 60% and Riya’s share as 40%. Shreya gets the form witnessed by two individuals who are not related to her or her children. By correctly filling out the nomination form, Shreya ensures that both Aryan and Riya will receive their respective shares of the policy benefits in case of her demise.

Summary

Filling out LIC Nomination Form 3264 is a crucial step in ensuring that your loved ones are financially protected in case of your demise. By nominating a beneficiary, you determine who will receive the policy benefits. Follow the step-by-step guide provided in this article to correctly fill out the form. Remember to keep your nomination up to date, especially in case of any changes in your family structure. By understanding the importance of nomination and correctly filling out the form, you can provide financial security to your loved ones.

Q&A

Q1: Can I change my nomination after filling out Form 3264?

A1: Yes, you can change your nomination at any time by filling out a new nomination form and submitting it to LIC. It is important to keep your nomination up to date, especially in case of any changes in your family structure.

Q2: Can I nominate more than one person as a beneficiary?

A2: Yes, you can nominate more than one person as a beneficiary. In such cases, you need to specify the percentage share each nominee will receive.

Q3: Can I nominate a minor as a beneficiary?

A3: Yes, you can nominate a minor as a beneficiary. However, you need to appoint an appointee who will receive the policy benefits on behalf of the minor until they attain the age of majority.

Q4: Can I nominate a non-family member as a beneficiary?

A4: Yes, you can nominate a non-family member as a beneficiary. The nominee can be anyone you choose, such as a friend, relative, or even an organization.

Q5: What happens if I do not nominate a beneficiary?

A5: If you do not nominate a beneficiary, the policy benefits will be paid to your legal heirs as per the applicable laws of succession.

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