Can a Friend be a Nominee in Life Insurance Policy?
Can you make your friend a nominee in your life insurance? I just want to understand, Is there any provision in nomination policy or nomination rules where I can give rights towards my assets to my friends through nomination rights?
No still in recent procedures at nomination, friends will likely not become a nominee. Any beneficiary must goes to family member or a specific relatives. For the most part, they're your parents, spouse and children. To ensure that proceeds really accrue to your friends, you will need to designate the insurance via a legal will documents.
A term life insurance coverage items secures each financial requires of dependents. They shields your household members. In the event of your unpleasant demise of this policyholder, any lump sum looks compensated that settlement to the nominee.
The lump sum, referred to as amount ensured, actually pre-determined amount. Hence, it's mandatory to mention on nominee in your insurance proposal form. If you're purchase an insurance policy having a death gain, you really need to specifically mention nominees without worrying .