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How to choose a nominee for your term insurance plan
Buying a term insurance plan is one of the most sensible financial decisions to make as it secures the future of your dependent. You can choose a nominee for your insurance policy you will receive the policy amount after your death. It can be your spouse, your parents or your children. In some cases, it can also be a nephew and nieces or a relative.
Having a nominee and filling the necessary documents with regards to them is important because this is the person your premium goes to. They will receive the financial support you intended for them to and complete documents will ensure the process is smooth and worry less for them. It is also important to inform your nominee when you put their name in your policy, without which they won't be able to claim the insurance amount.
Here are a few benefits of the nomination facility:
- It serves the benefit of the insurance. It protects the interests of the policy holder and in case of the unfortunate demise, the policy amount can benefit the nominee.
- This facility allows you to choose anyone you want to benefit from your insurance amount. This should be a person you can trust and know will use the and benefit from the money sensibly.
- You can also choose multiple people, in case the first nominee does not survive the policy term, the next nominee can receive the amount.
- You can also cancel or change the nominees any number of times during any time of the policy.
The following details of the nominee should be submitted to the insurance company:
- Name
- Age
- Address
- Relationship between the policyholder and the nominee
You need to submit the documents pertaining to the above details.
In case no nomination is found on your insurance policy or you have failed to submit the documents, the insurance company will provide the claim amount to Class I legal heir. The following people are the called Class I legal heirs:
- Spouse
- Son
- Parents
You can also nominate multiple nominees and decide to distribute the amount equally or percentage wise. This has to be pre-determined by you and the relevant information has to be given to the insurance company.
HDFC Life has few wonderful term insurance policy plans that will help you secure the future of your dependents.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
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