Query on Nomination in the Term Plan

POSTED BY rahul.manchanda ON September 15, 2013 3:23 pm COMMENTS (2)

Hi,

I have recently taken a term plan and have a query regarding the nomination details.

My first family includes my parents, wife and 1.5 years old child. I made my wife as the nominee in the term plan. I like to ensure that my child gets the sum assured if something happens to both me and my wife. Please suggest how to fill the nomination form in this case.

Secodly, I assume the nomination details can be changed at any time during the tenure of the policy. please clarify.

2 replies on this article “Query on Nomination in the Term Plan”

  1. ashalanshu says:

    Dear Rahul, there is a difference of rights of Nominee & Legal hiers. I think you are confusing these 2 things. Nominee is merely the custodian of the money or asset or investment. It’s the duty of the nominee to distribute the amount/asset among the legal hiers of the person in question. So if you want that X%age of your sum assured from the policy should go for your kid, you can do so by creating a WILL.

    yes you can change the nomination details anytime in your policy.

    Thanks
    Ashal

  2. Sambaran Mitra says:

    In Amulya-Jeevan form of LIC, there is an entry for nominee and another entry for custodian(named as appointee). In case you have Amulya Jeevan, you can make your 1.5 year old kid as nominee and name your wife as appointee.

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