{"id":7126,"date":"2018-07-31T11:33:19","date_gmt":"2018-07-31T11:33:19","guid":{"rendered":"https:\/\/securenow.in\/blog\/?p=7126"},"modified":"2023-05-08T08:47:28","modified_gmt":"2023-05-08T08:47:28","slug":"if-nominee-not-defined-legal-heir-of-deceased-gets-insurance-amount","status":"publish","type":"post","link":"https:\/\/securenow.in\/insuropedia\/if-nominee-not-defined-legal-heir-of-deceased-gets-insurance-amount\/","title":{"rendered":"If nominee not defined, legal heir of deceased gets insurance amount"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Published in Mint on 30th July 2018. Written by Abhishek Bondia<\/p>\n<p class=\"question\"><b>My wife and I have a combined annual income of about \u20b915 lakh. She has a unit-linked insurance plan (Ulip) with a sum assured of \u20b95 lakh, which was bought five years ago. I don\u2019t have any insurance as of now. How much cover should I take? Does my wife need to buy another plan?<\/b><\/p>\n<p id=\"U30835991728EoE\"><i>\u2014Samantha<\/i><\/p>\n<p>Both of you should take an individual <a href=\"https:\/\/securenow.in\/individual-insurance\/keyman-insurance\">term insurance policy<\/a> each. As a thumb rule, you should have a cover of 10 times your annual income. In <a href=\"https:\/\/securenow.in\/individual-insurance\/term-life-insurance\">term insurance<\/a>, your nominee is paid only if you die. There are no survival or maturity benefits in this policy.<br \/>\nThe current cover of \u20b95 lakh in the\u00a0Ulip\u00a0is inadequate for your wife. Your wife will have to buy a separate insurance policy as well. Assuming you both earn equally, the sum assured each of you need is \u20b975 lakh. This will come at a cost about \u20b97,000-8,000 per annum.<\/p>\n<p class=\"question\"><b>My employer covers me for a group personal accident policy for a sum assured of two times my annual income. In case of my death, my family is likely to get this amount. My firm has not asked me for a nominee. How can I be certain on who will be the beneficiary of the policy after my death?<\/b><\/p>\n<p id=\"U308359917286pD\"><i>\u2014Hemant Garg<\/i><\/p>\n<p>In case the nominee is not defined, the legal heir of the deceased will be entitled to the insurance proceeds. If the nominee is not declared at the time of\u00a0policy issuance, the insurer will ask for a succession certificate at the time of claim settlement to ascertain the beneficiary.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Published in Mint on 30th July 2018. Written by Abhishek Bondia My wife and I have a combined annual income of about \u20b915 lakh. She has a unit-linked insurance plan (Ulip) with a sum assured of \u20b95 lakh, which was bought five years ago. I don\u2019t have any insurance as of now. How much cover [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3542,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_lmt_disableupdate":"","_lmt_disable":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[383,319],"tags":[],"class_list":["post-7126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newspaper-columns","category-media"],"acf":[],"modified_by":"Aishwary Mishra","_links":{"self":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/7126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/comments?post=7126"}],"version-history":[{"count":4,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/7126\/revisions"}],"predecessor-version":[{"id":26231,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/7126\/revisions\/26231"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/media?parent=7126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/categories?post=7126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/tags?post=7126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}