Appointing A Nominee

A life insurance policy secures the financial

interests of your dependents in case of an

untimely demise

To ensure that the bereaved dependents can

easily receive the death benefits, life

insurance companies have made certain

provisions. ‘Nomination’ is one such provision

Safeguard the interests of your dependents

by appointing a nominee to your policy…

Appointing A Nominee

Understanding Nomination

As a life insurance policyholder, you have the right to

make a ‘nomination’. This involves appointing a

nominee.

A nominee is the person designated to receive benefits

under a life insurance policy in the event of death of the

policyholder

The nominee thus performs the role of a ‘trustee’ for the

legal heirs of the policyholder

By making a nomination, you safeguard the interests of your dependents

Even though in the absence of nomination, your legal heirs are entitled to

the benefits receivable under a life insurance policy, they would have to

undertake time-consuming hassles of submitting a succession certificate

or a will in order seek their claim

Benefit Of Nomination

Nomination removes this time-

consuming process

With nomination, the heirs do not

face such procedural difficulties,

which could delay the receipt of

their claim

Undertaking a Nominee

Though nomination can be undertaken any time during the policy

term, ideally, it should be undertaken at the time of policy purchase

As a policyholder, you need to mention the full name, address and

age of the nominee. You are also required to state your relationship

with the nominee.

Also, you have the right to make multiple or successive nominations

and change nominations any number of times during the policy term

Important Points To Note

Remember!

Inform your nominee about the nomination details and the whereabouts of the

policy documents

Nominees do not have absolute rights. Your legal heirs can sue the nominee.

The transfer or assignment of the policy automatically cancels the nomination

In case you have more than one heir, there could be a dispute on the percentage

of benefits receivable by the different heirs. To avoid this, you should mention the

entitlement of each heir in the nomination section of the policy.

Your written will takes precedence over the nomination

Disclaimer

Insurance is the subject matter of the

solicitation. Read the product brochure

carefully before buying the plan.

Registered and Corporate Office

Address: IndiaFirst Life Insurance

Company Ltd., 301, ‘B’ Wing, The

Qube, Infinity Park, Dindoshi-Flimcity

Road, Malad (E), Mumbai - 400097.

Website: indiafirstlife.com. Registration

No: 143. Toll Free No. 1800 209 8700.

SMS <FIRST> to 5667735, SMS

charges apply.

Thank You