There might be a few situations where a policyholder wishes to have more than one nominee for its life insurance policy. For example, if you have family members with different financial needs - like a life partner and children from a past marriage - you might need to part the sum assured between them. Or, if you have a business partnership, you might want to assign a portion of the payout to your partner. And if you have a special charity you care about, you could assign some of the sum assured to them. Finally, if your family dynamics change due to divorce or remarriage.
Yes, you can have multiple nominees for your life insurance policy per IRDAI regulations. When you assign a percentage of the sum assured to each nominee, you can specify their respective shares in case of your demise. For instance, if you have two nominees and assign 50% to each, they will both receive an equal share of the sum assured. However, make sure the total percentage allotted to all nominees doesn't exceed 100%. If you need to update the nominee details or allocation percentages, just submit a request to your insurance company with the required documents.
Multiple nominees for a life insurance policy can come with some great benefits. One of the biggest perks is that you can choose to have multiple beneficiaries, meaning that your insurance payout will be distributed among multiple people or entities. This can be a huge help in providing financial security to those you care about. Plus, you can customize exactly how much of the sum assured goes to each nominee based on their needs, which can help ensure that the money is being distributed in the most beneficial way possible. And, if your circumstances or family dynamics change, you can easily change the nominee details and percentages. So, having multiple nominees can provide a lot of flexibility and peace of mind when it comes to your life insurance policy. Having multiple nominees makes settling a claim easier and faster. Plus, if any legal hiccups happen, those extra nominees can help ensure that everything gets resolved without any trouble.
Just so you know, you can't assign more than 100% for all of your nominees combined. If you want to make changes to your nominees or the percentages you've assigned them, you can submit a request to your insurance company and provide the necessary documentation. Be sure to think carefully about who your nominees are and how much you want to assign to each of them. And hey, it's a good idea to review their details every so often and make any necessary updates to ensure everything reflects your wishes accurately.
