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Thread: Can a policy holder make some one nominee with whom he/she does not have any blood relation?

  1. #1
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    Question Can a policy holder make some one nominee with whom he/she does not have any blood relation?

    Hi All,

    Can a policy holder make some one nominee with whom he/she does not have any blood relation?

    Thanks a lot in advance!
    Medhu




  2. #2
    Moderator Matrix's Avatar
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    Yes, you can. But Nomination in favour of a stranger cannot be made as there is no insurable interest and moral hazard may be involved.

    So if you choose a non-family member, you will in all likelihood be required to show to the insurance company that your chosen nominee has an insurable interest in your life (simply put, demonstrate that their life will be financially affected if you are not around).

  3. #3
    PW Stalwart Manish_Kumar's Avatar
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    So business partners can be nominee of your life insurance policy. This is a good info, was not aware about this.
    Everyone has a scheme of getting rich.. Which never works.

  4. #4
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    Quote Originally Posted by Manish_Kumar View Post
    So business partners can be nominee of your life insurance policy. This is a good info, was not aware about this.
    I don't think you can make partner as nominee for life insurance policy. Yes! KeyMan insurance policy is there for this.
    * SAFE
    Self Appointed Financial Expert

  5. #5
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    I don't aware of it because it is matter of money so anything can be dangerous with life in future so the insurance companies prefer blood relative as a nominee or in other case they want complete assurance that the concern persons bonding with the person is emotional and be life family member not any other bad intentions.


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