What Life Insurance Nominee Should Know
Things Life Insurance Nominee Should Know
You should never hide your financial details with your nominee/partner be it insurance policy, FD, equities etc. because he/she is the one to take care of your finance in case of any unfortunate event. If you don’t share these details then the benefits will not reach your nominee or will reach with lot of delay. And when it comes to life insurance nominee; it is the duty of the policy holder to share all the details so that in case of your death, nominee can claim the money without putting too much of efforts while settling the clam. Otherwise your family will have to suffer financially.
Definition of a nominee: Any authorized person who has the right to claim the money in case of the death of the policy holder during the tenure.
So what details should your life insurance nominee know?
- Premium amount
- Sum assured
- Other benefits included
- In case the nominee is aged less than 18 years than who will claim the money on behalf of the minor called as appointee
- Premature withdrawal terms and conditions
- In case more than person are assigned as nominee then how to claim the money