Hi sir , got term policy of PNB METLIFE 1.5 CRORE, LUMP SUM, I have some questions I hope you will help me soon.
1- sir I have only 1 nominee my wife, should I include my 2.5-year son, suppose something bad happen to both of us then my son won’t get benefit I think…I have online account I can add beneficiary there, my question is – what should contribution % should be there, like 70:30, or 50 :50, and suppose something bad happen to us then will my son get all benefit money or only contribution money ? I mean only 50 % or all lump sum money, I hope u got my point?
2- sir u always said that term policy should be 15- 20 times according to your income, sir i have enough cover, but suppose if I want to double like 3 crore, and ready to pay annual premiums, but every company denied that because I have enough cover according to my income, my income monthly 50 K, so can I buy more cover ? according to IRDA they are saying I got full cover according to my income , is that true ? thnx for ur time sir, please guide me once more time for both questions REGARDS, have a nice time sir….
Yes, you can nominate as many people as you can. But keep in mind that nominating more than one person will create a legal battle. Also, nominating the friends who not have insurable interest on your life is not allowed by insurance companies. In your case you nominated your wife. So legally she is the first one who have rights over your assets. Let us say if both you not there, then whether you nominate or not, your kid will have rights over your money. So insurance companies can’t deny that both insured and nominee dies. They have to pay the claim amount to the legal heir. Hence, for you it is suffice to have your wife as nominee. Usually, insurance companies not pay in the way of sharing. They call all nominees and take the consent of others and finally pay to one. However, in case of successive nomination, the payment will be in order like first to Nominee A and if nominee A not there then to nominee B and so on. Refer these links for future reading. https://lifeinsurance.bajajallianz.com/tax_insights/lifeinsurancebasics/why-nomination-is-vital-in-life-insurance/ and http://articles.economictimes.indiatimes.com/2003-05-12/news/27515859_1_successive-nominees-nomination-and-assignment-policy If you have currently enough cover then why you want to double it? No insurance company will allow it. However, if you have income range which is higher than the current limit of eligibility, then they allow it. Review your insurance requirement once in 5 years. If possible increase it.
thnk u sir for ur fast reply, im thnkful again sir…really thnkful, have a nice sunday…cheerss