Who is a nominee and how does the process of nomination work in case of Life Insurance?

28th July 2010
1,292 views

Q1. What is nomination? And who is a nominee?
Nomination is a right conferred on the life insurance policyholder to appoint a person or persons to receive the policy monies in the event of the policy becoming a claim by death. Any policyholder, who is a major and the life insured under a policy, can make a nomination.

A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.

Q2. Can I change my nomination?
Yes. You can change your nomination at any time till the maturity date. All you need to do is to inform us about the change through the specified form.

Q3. What details am I to provide about the nominee/s?
The following details are necessary when filling in the proposal form: full name of the nominee, address, age, and the relationship between you and the nominee.

Q4. What is the difference between nomination and assignment?
While nomination is an authorisation to receive the policy monies in the event of death of the life assured, it does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his will and pleasure or by a subsequent assignment.

On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities of the insurance policy in favour of the assignee.

Download nomination form…

7

Next

How does a Life Insurance claim work?
Share This Article

Leave A Reply

GinrexSeptember 7th, 2015

I purchase a car in NOV 2007 AND TOOK A CLAIM IN OCT 2008.I did not discsole during 2008-2009 policy renew that i took claim last year and they also did not check so i took the NCB for years- 2009, 2010, 2011, 2012 and now my NCB got accumulated to 45%.What should be the NCB if i want them to consider 2008 claim ???Will i face any problem during next claim if i take NCB 50% this year without disclosing about OLD 2008 claim?can they track my 2008 claim if any new claim comes in future?can my insurace become null and void if still not discsole about old claim?

Appu and Pappu Comics – Tax Monster Returns

Tax Monster has returned and Pappu is scared. But Appu can help him, let's find out how!

Know More
Polls

 Bajaj Allianz Online Poll
Each one of us has Life Goals to Achieve! What is your Life Goal?
Loading ... Loading ...
Goal Based Investment Plan – Goal Assure
Goal Based Investment Plan – Goal Assure

Assuring maximized returns on maturity and providing opportunity to plan for your ‘once in a lifetime’ experience with zero worries

Know More
Category