1. Appointing A Nominee

2. 
A life insurance policy secures the
financial interests of your dependents
in case of an untimely demise

To ensure that the bereaved
dependents can easily receive the
death
benefits,
life
insurance
companies have made certain
provisions. ‘Nomination’ is one such
provision
Safeguard the interests of your
dependents by appointing a
nominee to your policy…

3. Appointing A Nominee

4. Understanding Nomination

As a life insurance policyholder, you have
the right to make a ‘nomination’. This
involves appointing a nominee.

A nominee is the person designated to
receive benefits under a life insurance policy
in the event of death of the policyholder

The nominee thus performs the role of a
‘trustee’ for the legal heirs of the policyholder

5. Benefit Of Nomination

By making a nomination, you safeguard the interests of your dependents

Even though in the absence of nomination, your legal heirs are entitled to
the benefits receivable under a life insurance policy, they would have to
undertake time-consuming hassles of submitting a succession certificate
or a will in order seek their claim

Nomination removes
consuming process

With nomination, the heirs do not
this
time-
face such procedural difficulties,
which could delay the receipt of their
claim

6. Undertaking a Nominee

Though nomination can be undertaken any
time during the policy term, ideally, it should
be undertaken at the time of policy purchase

As a policyholder, you need to mention the
full name, address and age of the nominee.
You are also required to state your
relationship with the nominee.

Also, you have the right to make multiple or
successive
nominations
and
change
nominations any number of times during the
policy term

7. Important Points To Note

8. Remember!

Inform your nominee about the nomination details and the whereabouts of
the policy documents

Nominees do not have absolute rights. Your legal heirs can sue the
nominee.

The transfer or assignment of the policy automatically cancels the
nomination

In case you have more than one heir, there could be a dispute on the
percentage of benefits receivable by the different heirs. To avoid this, you
should mention the entitlement of each heir in the nomination section of the
policy.

Your written will takes precedence over the nomination

9. Disclaimer
Insurance is the subject matter of the
solicitation. Read the product brochure
carefully before buying the plan.
Registered and Corporate Office
Address: IndiaFirst Life Insurance
Company Ltd., 301, ‘B’ Wing, The
Qube, Infinity Park, Dindoshi-Flimcity
Road, Malad (E), Mumbai - 400097.
Website: indiafirstlife.com. Registration
No: 143. Toll Free No. 1800 209 8700.
SMS <FIRST> to 5667735, SMS
charges apply.

10. Thank You