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Don't delay choosing nominee for life insurance policy, say analysts

Select a dependent or person likely to shoulder family's financial responsibilities

Topics
Life Insurance | insurance policies | Insurance industry

Abeer Ray 



Insurance, nominee, digital
To avoid a dispute, one should name a nominee while purchasing the policy, or write a Will declaring the spouse as the nominee to the policy

The Madras High Court ruled in a recent case that a dependent wife did not have any legal claim to the proceeds from her husband’s death if the latter had not paid the policy premiums. In this case, the father-in-law had paid all the policy premiums. The deceased had not appointed a nominee for the policy, nor declared through a Will that his wife should receive the payout.

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First Published: Tue, June 15 2021. 06:10 IST

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