09-07-2012, 12:19 PM
NOMINATION OF INSURANCE POLICY
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Once you apply for a life insurance policy there are some important features and benefits. Like the most important benefit is the nomination facility. It is an important and mandatory feature of the policy.
Importance features.
Nomination is a benefit where in case of death of the policy holder the funds are given to beneficiary (nominee).
Whose name is mentioned by the policyholder while enrolling for the policy.
The policyholder has the option to change the nominee at any time during the term of the policy.
CONT.
If you want the proceeds to be given to the nominee make sure the name and details are mentioned correctly.
The details of the nominee required are his name, age, address and his relationship with the policyholder
The nominee can be changed by the policyholder during the term of the policy. For women, they may keep changing their nominees according to the various phases in their lives.
With a nomination, the policy moneys can be disbursed much faster without the need to obtain the Grant of Probate or Letter of Administration or Distribution Order.