nomination in Insurance Policy
1 year ago
My Father has expired last year. We are four brothers. My father has taken four Insurance Policies and nominated one of the sons as nominee in each of the policy separately. I have read that nominee is only entitled to receive the money from Insurance Company and is trustee and proceed/ claim amount has to be distributed equally to the all the Legal heirs. In the Life Insurance policy in which I have been nominated, claim amount would be very less compared to large amount which my brothers will receive as claim amount, in the respective policy in which they have been nominated as nominee. My question to all, whether each brother will be entitled to receive the claim amount as per policy in which they have been nominated to the exclusion of other brother or they will be entitled to receive the claim amount and put the money in common pool and thereafter the money will be distributed equally amongst four brothers. Pl advise in terms of Insurance law (Amendment Act) 2015.
You will be entitled to what you have been nominated for and others will be fully entitled to what they have been nominated for. It was up to your father's discretion and it will go according to his will.