i. What is Nomination?
Nomination is a right conferred on the life insurance
policyholder to appoint a person or persons to receive the policy money in the event
of the policy becoming a claim by death. Any policyholder who is a major and the
Life Insured under a policy can make a nomination. A nominee is the person designated
by the policyholder to receive the proceeds of an insurance policy, upon the death
of the insured.
ii. Can I appoint more than one nominee?
Yes, you can appoint more than one nominee. In case any money
is to be paid to the nominees it will be paid equally to the opted nominees.
iii. Can I change my beneficiary / nominee details?
Yes. You may change your
beneficiary at any time till the maturity date of the policy. You need to inform
us about the change through the
beneficiary change request form.
"Download" to check for the form)
iv. What is an assignment of a policy? Is it allowed on all Insurance
An assignment transfers the rights, title and interest of the
assignor to the assignee. Assignment is possible on all types of policies except
pension policies and Married Women Property Act (MWP).
There are two types of assignments:
Absolute Assignment: In this type of assignment, all rights, title and interest
of the assignor in the policy are transferred to the assignee without reversion
to the former or his estate in any event. The assignee becomes the title owner of
the policy and can deal with the policy in any manner he sees fit; he no longer
has to take the consent of the assignor.
Conditional Assignment: In this type of assignment, the interest in the policy
automatically reverts to the person insured on the occurrence of the specified condition.
For example, a conditional assignment can provide for reversion when the assignee
predeceases the policy owner or when the policy owner survives till the date of
maturity or on the loan being repaid.