Dear Basu Sir,
I have two kids. But If I made the nominee to my spouse in Life insurance in which she will receive my benefit after my demise but if the spouse dies then who will receive the death benefit in that time where neither I will be there nor my spouse?
In most cases the legal heir to the policy holder or the nominee will get the benefit amount
Hello Mr Basu,
In case a nominee dies , it is equivalent to “No nominee” . Hence the division will happen as per WILL ..
But if WILL is not present, then there are hell lot of activities and problems and all of them will have to bring a succession certificate and other documents providing they have the concerned relation, they have to bring their identities, they will have to bring death certificate (which is needed anyways) and some more documents .
I hope this helps.
When you die, then the nominee (will receive the benefits) and policy closes there itself (in many cases). However, if both policyholder and nominee both die during a policy period, then the legal heirs of policyholder will get the benefits.
When the policy holder and nominee die then the legal heirs of the property however one needs to check with the insurance company.
Dear Basu Sir,
I have bought a Insurance policy from Max but its branch office is not in my city. Will there any problem at the time of settlement?
Reg: Cover Amount of Term Plan.
In Term Insurance Plan, Annual Salary is required by the Insurers, I want to know is it Gross Annul Salary Or net Annual Salary of the person to be insured, and How many times of Annual Salary is considered to fix the Sum Assured Amount/Cover Amount of that person as per IRDAI? Is it mentioned in any of the section of IRDAI Guideline?