More than 1 nominee for HDFC Term Life Insurance
I am planning to take a term insurance from HDFC Term Life. I was interested in having more than 1 nominee, my agent tells me that it is possible but the claim will be split among the nominees in the share put by me. So, if I put my wife, father and brother as nominee, I have to also write their respective shares in the term insurance form. Whereas, my preference is to say give 100% to any one nominee, however, if that nominee is not alive at the time of the claim then give 100% to another nominee as mentioned by me. Basically, rather than splitting the claim amount I want to give preference order for multiple nominees. Is this possible?
Also, if I make my wife the nominee, the full claim amount will be transferred to her bank account at the time of the claim, irrespective if it is under MWP or not. In that case, how does MWP differ from non-MWP?