INSURANCE TAKEN ON THE LIFE OF MINOR

1. Since minor can not make Nomination,He must  make a nominee under the policy immediately on
     18 years of his.

2.  Accident benifit is also not given on the life of Minor,hence DAB also to be taken on becoming major

REG :ASSIGNMEN AND NOMINATION   : NOMINEE IS THE PERSON WHO IS ENTITLED TO RECEIVE THE BENIFITS   AYABLE AFTER THE DEATH OF ANY PERSON,SUCH AS HIS LIC POLICIE,PF ETC,BUT UNDER ASSIGNMENT ALL THE RIGHTS ARE TRANSFERRED TO ASSIGNEE WHEATHER HE IS ALIVE OR DEAD.WHENEVER ANY
ASSIGMENT IS DONE,NOMINATION UNDER SUCH SITUATION IS CANCELLED.

IT HAS BEEN EXPERIENCED THAT SOME PERSONS ASSIGN HIS LIC POLICIES TO BANK
OR ANY OTHER FINANCIAL INSTITUTION AGAINST VALUABLE CONSIDERATION,NOMINATION UNDER SUCH SITUATION IS NOT VALID. SUBSEQUENTLY WHEN  AFTER RE-PAYING THE LOAN,THE POLICY IS RE-ASSIGNED
NOMINATION DOES NOT BECOME VALID AUTOMATICALLY.HENCE IT IS SUGGESTED THAT AFTER RE-ASSIGMENT FRESH NOMINATION IS REQUIRED.