What is the procedure for changing the nominee of an insurance policy?
Yes, you can change the nomination of your life insurance policy at any time after its commencement by sending a request to your insurance company. For this, you shall be required to submit the change in nomination form duly filled, signed and witnessed.
When you make a nomination, you continue to be the owner of the policy and the nominee does not have any right under the policy as long as you are alive. Further, the nominee only has the right to give a valid discharge to the policy in event of death of the policyholder and the nominee may not be the rightful owner of the policy proceeds. In such a case, the legal heirs may also have the right to claim their share from the nominee. Generally, insurers suggest only close family members should be named as nominees.
Yes, you can change the nomination of your life insurance policy at any time after its commencement by sending a request to your insurance company. For this, you shall be required to submit the change in nomination form duly filled, signed and witnessed.
When you make a nomination, you continue to be the owner of the policy and the nominee does not have any right under the policy as long as you are alive. Further, the nominee only has the right to give a valid discharge to the policy in event of death of the policyholder and the nominee may not be the rightful owner of the policy proceeds. In such a case, the legal heirs may also have the right to claim their share from the nominee. Generally, insurers suggest only close family members should be named as nominees.
