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Can we change the Nominee in term insurance policy Purchased under MWPA act

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29 Oct, 2021 by  Viswanath S

Hi Team,

Need a clarification regd the nominee ( wife) included through MWPA addendum, in an unfortunate case if the Nominee dies before the insured person, can the insured person go ahead and update the Nominee details to children or any other person.


can you please clarify on the above scenario.


I understand we cannot remove the MWP addendum later even in case of a divorce.


Thanks,

Viswanath

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29 Oct, 2021

Hi Viswanath,


Yes, the nomination can be updated in favor of children anytime during policy term.


If the children are minor, you will also have to add an appointee in your term insurance.


Best,

Asad

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