Many a slip between policy and payout

Putting together all the required documents and surmounting legal hurdles could be a challenge for the nominee

Sanjay Kumar Singh 

A nominee in a life insurance policy could often find it tough to make a claim. In India, the problem is compounded as the nominee is often a housewife, who is clueless about her husband's finances and has little experience of the legal and documentation process to be undertaken. In India, family members often don't share information about financial holdings. As a result, the nominee is often unaware of how many insurance policies the insured had held, and could have difficulties in locating the original documents. The next hurdle might arise if the insured did not specify a ...

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First Published: Fri, September 15 2017. 00:32 IST