Life Insurance Policy Nominee Benefits: Decide the name of the nominee at the time of taking the policy. But keep in mind that it is also very important to choose the right nominee for the policy. You can also change the nominee over time. Learn the complete process here.
New Delhi: Life Insurance Policy Nominee Benefits: While buying a life insurance policy, a member of your family must be made a nominee (Life Insurance Policy Nominee). If you have not made anyone a nominee at the time of taking the policy, then the nominee can be made later also.
But it is necessary to make a nominee. Being a nominee in the policy, in case of any sudden death of the policyholder, his nominee will be entitled to claim. The biggest advantage of this is that the family members will not have any problem in getting the claim of the policy and unnecessary disputes can also be avoided.
Be careful while choosing a nominee
Decide the name of the nominee at the time of taking the policy. But keep in mind that it is also very important to choose the right nominee for the policy. If you are the only earning member in your family, then choose that family member for the nominee who is capable of taking the financial responsibility in your absence. Mostly this responsibility is taken by the spouse, so you can make him a nominee. In such a situation, your trust will definitely be useful to the members of the house.
Nominee more than one
Many times it has been seen that some people want to divide their money among two people. Like wife and child or wife and brother or mother. In this case, you can buy more than one policy and make separate nominees for different policies. Or you can decide the share of more than one person at the time of buying the policy and make them nominees. For this, a written undertaking can be taken from the insurer at the time of purchasing the policy.
Nominee can change over time
The policy holder can also change his nominee over time (How To Change Nominee). For example, if a nominee dies or gets a job and another member needs more money, the nominee can be changed. Apart from this, the nominee can also be changed in case of marriage or divorce.
For this, you download the nominee form from the website of the insurance company or collect this form from the office. Fill the nominee’s details in the form and submit it by attaching a copy of the policy document and documents of your relationship with the nominee. And yes, if there is more than one nominee, then decide the share of each.
