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NOMINEE IN BLOOD RELATION OR NOT

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27 May, 2021 by  Shubham Singal

Hello

There is a query

Suppose a man is having a 2nd marriage after death of 1st wife

And the lady want to take a term plan (2 nd wife)

And she wants to make nominee to the child(birth by 1 st wife)

Can she make him nominee?

OR WHAT ELSE IS THE OPTION?

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Term Life Insurance

2 Answer

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27 May, 2021

Shubham,


I believe the lady can nominate the child from 1st wife in her term insurance policy as there is a clear legal relationship between them. The other option is for her to nominate her husband.


Asad Akbar

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27 May, 2021
Shubham Singal
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27 May, 2021
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27 May, 2021

Hey Shubham, a nominee is appointed by the policyholder and can be anyone to whom the policyholder wants the financial benefits to accrue, in case of his/her death during the policy tenure. General practice is to appoint a spouse, children, or parents as the nominee.


In Reference to your question there is nothing as such that blood relationship should exist to have a eligible nominee as per IRDAI Regulations, the nominee can be anyone.

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