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Term Insurance 1466 views March 30, 2020
Life Insurance policy provides financial security and support to you and your family. It helps the insured to secure his/her family financially in his/her absence on the unfortunate demise of the insured. The life insurance policy offers a death benefit to the insured’s chosen nominee on the death of the insured during the term of the insurance plan. The death benefit is a lump-sum benefit which is paid to the nominee of the insurance plan and is exempted from Income Tax under section 10(10D) of the Income Tax Act.
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A nominee is a person who is appointed by the life insured who receives the death benefit of the life insured plan in case of the death of the life insured. The nominee is not necessarily required to be a relative of the life insured. The nominee can only be appointed by the life insured and not by the policyholder. The nominee of the Life Insurance policy is required to follow the mandatory procedure to receive the insurance claim.
The claim process of death proceeds in a life insurance policy to be followed by is a nominee is very simple if the nominee possesses relevant required documents. The simple process of death claim by the nominee of the life insured plan is stated hereunder:
Generally, the nominee is required to submit the following stated documents for a death claim in a life insurance policy:
The nominee should make the insurance claim of the insurance policy as soon as possible following the death of the life insured and also ensure that they have all the necessary documents with them which are required for the settlement of the claim. In case of absence of any nominee in the life insurance plan, the claimant can make the claim request and receive the death proceeds at the option of the insurance provider and on the satisfaction of necessary requirements.