A nominee should be made at the time of buying a life insurance policy. If a nominee has not been made at the time of taking the policy, then later also any member of your family can be made a nominee. With this, the nominee will be able to claim easily in case of death of the policyholder due to any reason and unnecessary disputes will also be avoided. The selection of the nominee should also be done carefully. Apart from this, you can also change the nominee for the policy.
A recent case in the Madras High Court revealed that a woman had no legal claim for life insurance after the death of her husband. The court, after hearing all the parties in this matter, gave a verdict in favor of the father-in-law of the woman. In fact, the deceased had not nominated anyone for the policy nor did he declare to make payment to his wife through a will.
In such a situation, to avoid any dispute in future, one should make a member of your family a nominee at the time of buying a life insurance policy. If you have not made a nominee at the time of taking the policy, then a nominee can be made later. Being a nominee in the policy will make the nominee entitled to claim in case of death of the policyholder due to any reason. This will also make it easier for the family to claim the policy and avoid unnecessary disputes.
Choose the nominee wisely Choosing the
right nominee for the policy is also very important. If you are the only earning member in the family, then identify the person in the family who will take financial responsibility in your absence. In most cases, this responsibility is borne by the spouse, so in such a situation you can make him a nominee.
Sometimes some people want to divide their money between two people. Like wife and a small child or wife and mother. In such a situation, by buying more than one policy, you can make different nominees. Or you can decide the share of more than one person at the time of buying the policy. For this, a written undertaking can be taken from the insurer while purchasing the policy.
In this way the nominee
can be changed in case of death of the nominee of the policyholder. Apart from this, the nominee can also change in case of marriage or divorce. For this, download the nominee form from the website of the insurance company or take this form from the office. Fill the details of the nominee in the form and submit by attaching the copy of the policy document and documents of your relation with the nominee. If there is more than one nominee, then decide the share of each.
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