I have two children whom I wish to make nominee for my life insurance policy. Both are minors – can I go ahead nominating them?
Gurmeet Singh, Ludhiana
Although you can nominate your minor children as nominees in your life insurance policy, as they are minors, you will need to nominate an appointee who will have to sign the insurance proposal or the policy, giving his consent to act as appointee. The appointee will cease to be an appointee when your children become majors. In the event of a claim, if your children are still minors and you didn’t name an appointee, the claim proceeds will go to your legal heirs. Also note that when you nominate both children, it’s a case of joint nomination. As such, the policy proceeds will be payable to both children or to the surviving child; you are not, however, allowed to specify the share of each nominee.
