NOMINEE IN BLOOD RELATION OR NOT

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?

Term Life Insurance

2 Answer

Post

27 May, 2021

Asad Akbar

Self Employed - Digital Consultant

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

2 Comments

27 May, 2021

Shubham Singal

AS MOTHERS NAME IN ALL DOCUMENTS ARE OF 1ST ONE
ALSO, IF CLAIM ARISES THEN WHAT DOCUMEMTS CAN COMPANY {ICICI}DEMAND

27 May, 2021

Asad Akbar

Self Employed - Digital Consultant

In case of a claim, the nominee or the guardians of nominee (if the child is a minor at the time of claim) will have to produce documents that clearly establish the legal relationship between the nominee & the deceased. I haven't personally managed a case like this ever but I guess they will need to 1) produce the marriage certificate of husband & 2nd wife, and 2) give birth certificate of the nominee or any equivalent Govt ID that clearly mentions his father's name. I believe these 2 documents will show the legal connect between the child & the 2nd wife.

You can also check with ICICI. To keep things simple, the lady can nominate her husband as the beneficiary & leave a will in favor of the child. Get the will registered to be safe.

27 May, 2021

Udit Goyal

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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