Nominees on Life Policy

Feb 24, 2022
  • Author(s) : Yashojit Mitra
  • Economic Laws Practice (ELP) has been quoted by Business Standard in their article titled ‘Appoint two-three key people as life policy’s nominees, say analysts’. Yashojit emphasizes on the importance of selecting nominees carefully. He says, “In life insurance, the concept of a beneficial nominee was introduced through the amendment of 2015. Immediate family members, like parents, spouse, and children, can be appointed beneficial nominees”.

    Yashojit further suggests that policyholders should appoint two or three key persons in their lives as beneficial nominees. The percentage of sum assured that should go to each can also be specified.

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