Get Nomination Form - Reliance Life Insurance

Nomination is part of the process of selecting a candidate for either election to a public office, or the bestowing of an honor or award. A collection of nominees narrowed from the full list of candidates is a short list.

As per the Insurance Laws (Amendment) Act, 2015, if you select your immediate family members like your spouse, children, or parents as the nominee(s) for your insurance plan, they will be beneficially entitled to receive the claim amount over any other legal heir.

The lump sum, known as the sum assured, is a pre-determined amount. Hence, it is mandatory to mention the nominee in your proposal form. If you are purchasing an insurance policy with a death benefit, you should include the nominee without fail.

You may change your nominee any time after the policy issuance by submitting completed and duly signed Nomination Form and self-attested copy of KYC documents (Address and ID proof of the nominee) at the nearest branch location.

If no nomination or Will is made, the insurance company may pay up to $150,000 of the policy proceeds to any person who is considered a "proper claimant" 2 under Section 61 of the Insurance Act.

Nomination is the process of determining one person or persons who will receive the benefits from the life insurance policies in case of any casualties. The nominee in life insurance can be anyone, per the policyholder's choice. In general, the nominee in insurance is a close relative.

Steps to Change Nominee in Term Insurance You must duly fill the form with the necessary details accurately. ... The policyholder is liable to convince the insurer of the relationship between them and the changed nominee. ... Most importantly, you must procure an acknowledgment of the change from the insurer.

A nominee is a person who holds the property of the deceased until he has to distribute this property to the legal heirs. In a life insurance policy, the beneficiary is an individual you have to nominate to receive the policy proceeds after an unfortunate incident occurs.