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Who Should be the Beneficial Nominee for Your Term Insurance?

  • Highlights

  • Ease the claim process

  • Select your choice of beneficial nominee

  • You are allowed to change your nominee

  • A minor gains access with adulthood

Life insurance or term insurance can financially secure your family’s future in case of your demise. Thus, it is essential that you include it in your financial portfolio. However, buying a policy isn’t enough. Selecting a beneficial nominee for your term insurance is equally important. It will help in quicker processing, and ensure that the benefits go to the right people in a swift and hassle-free manner.

So, in order to protect your family, start by buying a Life Insurance policy from trusted companies such as Bajaj Finserv if you haven’t already. Then, choose a nominee and enjoy various benefits such as flexible payout options and lower premiums. Take a closer look at everything you need to know about a nominee.

Who should be a nominee?

Insurance companies give you the right to choose a beneficial nominee for your term insurance policy. You can nominate your spouse, children, friends or relatives as beneficiaries so that they get the assured amount on your demise.

To register a nominee, you will need to submit a list of details about your nominee such as their name, address, age and their relationship with you. Also, you are permitted to nominate a minor for your life insurance policy. But, note that they will only receive the sum when they attain adulthood.

Now that you know whom to choose as a nominee, here is a list of other information related to assigning a nominee that you must know in advance. This will help you make your choice in a better manner.

  • You can choose to nominate multiple people as beneficiaries. In addition, you can decide the percentage of benefits that each nominee will receive.

  • If, you want to alter the nominee on your policy, you need to fill a form with all the relevant details and submit it to your insurer.

  • If you have not assigned a nominee, the insurance company will issue the claim amount to the class 1 legal heir. This category includes your spouse, son, daughter or mother. If you have written a will, then the amount will be distributed as per the terms stated in this document.

Now, that you know whom you can appoint as a nominee and how to go about it, you can apply for a life insurance policy via Bajaj Finserv. Also, be sure to check your pre-approved insurance offer to expedite and streamline the procedure.

Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”

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