Nomination is a right conferred by the section 39 of the Insurance Act 1938, on the “holder of a policy of life assurance on his own life” to appoint a person/s to receive the policy moneys in the event of the policy becoming a claim by the assured’s death. The term “holder of a policy” ordinarily means a proposer or life assured or an absolute Assignee who has right, title & interest in the policy. But if the holder of the policy is not life assured himself, he cannot effect

LIC of India's new plan Children Money Back Plan (Table No. 832) provides money back at policy anniversary coinciding are falling after 18th, 20th and 22nd birthday. Money back is equal to the 20% of the basic sum assured in the policy. But many people don't like the money back policy want the endowment plans so that they can get a lump sum amount after a fixed interval of time. The New children money back plan has a unique feature to reinvest the survival benefit with LIC it