Скачать или смотреть Proper Nomination — As Crucial As the Policy Itself, Ensuring Your Family Receives the Protection

🔎 What is Nomination?

Nomination means the policyholder appoints a person (nominee) to receive the policy money in case of their death.

It’s like naming the official “receiver” of your insurance benefit.



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📜 Key Points of Section 39

1. Who Can Nominate?

Only the policyholder (life assured) can nominate.

Done at the time of policy purchase or anytime later.



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2. Who Can Be a Nominee?

Spouse, parents, children, or any other person.

If nominee is a minor, an appointee must be mentioned (the appointee receives money on behalf of minor).



3. Right of the Nominee

After the policyholder’s death, the nominee gets the policy proceeds.

However, nominee is just a trustee, not the absolute owner. The legal heirs may also have rights depending on succession laws.



4. Beneficial Nominee Concept (2015 Amendment)

If you nominate your parents, spouse, or children, they are beneficial nominees.

This means the money belongs to them only, not to other legal heirs. (This was a big game-changer.)



5. Multiple & Successive Nominees

You can nominate more than one person and mention the share each will get.

You can also nominate one after another (successive nomination).



6. Change of Nomination

Can be changed anytime by the policyholder during their lifetime.

The last valid nomination registered with the insurer is the binding one.



7. No Nomination?

If there is no valid nomination, the money goes to legal heirs or as per succession law.

This often causes delays and disputes.