RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

How to choose a nominee for your term insurance plan

down-arrow
May 24, 2019

Table of Content

 

Buying a term insurance plan is one of the most sensible financial decisions to make as it secures the future of your dependent. You can choose a nominee for your insurance policy to receive the policy amount after your death. It might be your husband, parents, or children. In other circumstances, it might be a nephew, niece, or a cousin.  

Having a nominee and filling the necessary documents with regards to them is important because this is the person your premium goes to. They will receive the financial support you intended for them to and complete documents will ensure the process is smooth and worry less for them. It is also important to inform your nominee when you put their name in your policy, without which they won't be able to claim the insurance amount.

Here are a few benefits of the nomination facility:

  • It serves the benefit of the insurance. It protects the interests of the policy holder and in case of the unfortunate demise, the policy amount can benefit the nominee.
  • This facility allows you to choose anyone you want to benefit from your insurance amount. This should be a person you can trust and know will use the and benefit from the money sensibly.
  • You can even choose more than one individual as a Nominee; if the first nomination does not survive the policy term, the following nominee will get the amount.
  • You can also cancel or change the nominees any number of times during any time of the policy.

The following details of the nominee should be submitted to the insurance company:

  • Name
  • Age
  • Address
  • Relationship between the policyholder and the nominee

You need to submit the documents pertaining to the above details.

In case no nomination is found on your insurance policy or you have failed to submit the documents, the insurance company will provide the claim amount to Class I legal heir. The following people are the called Class I legal heirs:

  • Spouse
  • Son
  • Parents

You can also choose multiple nominees and determine whether the sum should be distributed equally or in percentage. This must be predetermined by you, and all essential information must be provided to the insurance company.

HDFC Life has few wonderful term insurance policy plans that will help you secure the future of your dependents.

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Term Insurance and Life Insurance

Term Insurance and Life Insurance

The differences between term insurance and life insurance are explored, comparing coverage, premiums, benefits, and flexibility to guide informed financial decisions.

How to Choose the Right Term Policy Period?

Eligibility Criteria for Buying Term Insurance in India

Term Insurance Age Limit

Term life insurance age limit is the age range for buying a term plan. In India, you can start at 18 years, and the maximum age is usually up to 65 years.

Term Insurance Age Limit
Offline vs Online Term Plan - Which Option is Better? Previous
Compare HDFC Life Term Insurance Plans Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches