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POSTED BY ON February 7, 2011 11:17 pm COMMENTS (2)
who are the persons having insurable interest for a life insurance policy in india?
whether a person make a ‘will’ for the a/m receivable from life insurance/insurance company in favour of the person/s other than the nominated person in the policy?
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i think, but ,unlike proposinng, son can nominate his parents as beneficiary , if he chooses so even if he is married. of course, final beneficiary would be as per his will.
Insurable interest is for immediate family members like spouse, children, siblings etc. Father can propose a child but child can not propose father.
If the beneficiary name in will is different from the name in policy as nominee, the matter can go to court of law and the insurance company will follow the order of court.
Hope it will help you.
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