Page 6 - Life Insurance Policy
Reader's corner: Life Insurance
The ideal life insurance cover depends upon the human life value of each individual
 "Reader's corner: Life Insurance")
Many a slip between policy and payout
A nominee in a life insurance policy could often find it tough to make a claim. In India, the problem is compounded as the nominee is often a housewife, who is clueless about her husband's finances and has little experience of the legal and documentation process to be undertaken.In India, family members often don't share information about financial holdings. As a result, the nominee is often unaware of how many insurance policies the insured had held, and could have difficulties in locating the original documents.The next hurdle might arise if the insured did not specify a nominee. While most insurance companies do have internal processes that make it almost mandatory to appoint a nominee, slip-ups do happen, especially with older policies. In that case, the heirs will have to approach a court. "The heirs will have to establish their claim as legal heirs in a court. After detailed verification, the court will issue a succession certificate, which they can then submit to the insurer," .
 "Many a slip between policy and payout")