Aditya Birla Sun Life Insurance Company Limited
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When you buy a term insurance policy, one of the most important decisions you make is picking a nominee to receive the death benefit. The nominee should ideally be a close family member who can best use the funds to secure the financial futures of your loved ones and fulfil all their goals.
But, what if something happens to the nominee? What if both of you are no longer close? Can you change the nominee in such cases?
Let’s see - in this article.
When you buy term insurance policy, the insurer provides a death benefit (a sum of money) in case you pass away during the policy term. The person you appoint to receive this benefit is called the nominee of the policy. The nominee appointed should be a capable and financially sound person to handle the sum assured they receive. Only then will they be able to make decisions that ensure the family’s financial security.
A nominee can either be your spouse, child, parent, etc. You can nominate one or multiple nominees for the same term insurance policy by allocating a fixed percentage of the sum assured between them.
Yes, you can. When life is unpredictable, so are the people you are with. People grow, change, and can pass away. This can affect your policy.
There are multiple reasons why you may want to change the nominee of the policy like a change in your relationship, the initially assigned nominee passing away, or you simply feel that the person is not trustworthy anymore. In such instances, you can change the nominee of your term life insurance policy.
When you want to change the nominee of your policy, you will have to contact the insurer either online or offline and duly fill out a “Change of Nomination” form. Once filled, you will have to submit the form to your insurer, along with any documents they may ask. You will also have to explain the relationship between yourself and the newly assigned nominee.
It is necessary to get an acknowledgement for the same from your insurer to avoid any problems if your family makes a claim in the future.
With the end of this article, we hope that you have gained enough insights on how to change the nominee of your policy. In fact, you must be all the more careful in not committing any of the above-mentioned mistakes as it might end in unwanted situations while your family makes a claim. Ensure that your family undergoes a smooth claim process by keeping them and yourself well-informed.
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Buy ₹1 Crore Term Insurance at Just ₹576/month*
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹576/month*
Buy ₹1 Crore Term Insurance at just @ ₹576/month*
ABSLI Salaried Term Plan (UIN:109N141V04) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6400/- ( which is ₹ 576/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/6/24-25/719