Will nominee under life insurance get money from one company or all companies ?

POSTED BY Girish ON March 24, 2014 2:34 pm ONE COMMENT

Hi All,

Need some clarification of term insurance.

I am 30 year old and have LIC jeevan anand policy which offers sum assured 11 lac + bonus of 7 lac and 10 lac of risk/accidental coverage.

My question is, now if i buy term insurance for 30 years with 1cr coverage, if something happens to me that time whoever the nominee they will get the money from both LIC and term insurance company?

Or nominee going to get money from any one? Is it preferable to go for term insurance in my case?

Thanks & Regards,

Girish

One reply on this article “Will nominee under life insurance get money from one company or all companies ?”

  1. ashalanshu says:

    Dear Girish, if nominee is same person in both policies, money ‘ll be paid to nominee from both policies. In case nominees are different in different policies, each policy ‘ll pay to it’s registered nominee. If your basic query is that w’d my family members get claim from both insurers? The answer is YES.

    To opt or not for term cover is your choice.

    Thanks

    Ashal

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