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FAQs

All that you need to know...

faqs

Frequently Asked Questions

Who is a Nominee in a Life Insurance Policy?

A nominee is a person whom the policyholder appoints to receive the death benefit in case of the death of the policyholder during the policy term.

In case you die during the policy term, the amount of sum assured becomes due for payment

a) This money can be paid only to the person who is a nominee or legally entitled to receive the death benefit.

b) However, the nominee does not become legally entitled to the money. He is only a trustee who takes care of the policy money on behalf of the beneficiaries of the policy owner, who are entitled to the death benefit.

c) The nominee can only be legally entitled to the death benefit if he is also chosen as the beneficiary of the policyholder.