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Beneficiary

Under life insurance the beneficiary is referred to the person who shall receive the death benefit or other benefits in case of an unforeseen demise of the life assured during the coverage period. It is very important to mention a beneficiary who can legally receive the death benefit in case of an unforeseen demise of the life assured during the policy tenure.

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1 Crore Life Cover starting from just ₹16/Day*
1 Crore Life Cover starting from just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

What Is A Beneficiary In Life Insurance?

In life insurance, a beneficiary is a person who is entitled to receive the death benefit or other benefits in case of an unforeseen demise of the life assured. While purchasing a life insurance policy, you must mention a beneficiary, who can legally claim the sum assured in case of your unfortunate demise.

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Final Plan Eligibility will depend on some other factors including tobacco habits, education, occupation and income of the life assured / proposer

What Happens If There Is No Beneficiary Under A Life Insurance Policy?

If you do not assign a beneficiary or the beneficiary has passed away during the policy term, then the insurance company follows the mentioned mandates aa per the situation:

  • In case you have not made a will that assigns someone as your beneficiary, the death benefit will be provided to your immediate heir. Your spouse, children and parents will be considered under such a situation.
  • In case you have a will, the insurance company will follow Indian Succession Act, 1925. The death benefit will be distributed as per the will. However, the court will issue a succession certificate. The beneficiaries will have to provide an indemnity/waiver of legal proof to the insurance company

Types Of Beneficiaries You Can Add

Below mentioned are the two types of beneficiaries:

  • Primary Beneficiaries: A primary beneficiary is the person who you name as a beneficiary in your life insurance policy to be entitled to receive the death benefit in case of your untimely demise. In case the primary beneficiary passes away during the policy tenure, then no amount can be claimed in their name.
  • Secondary/Contingent Beneficiaries: Secondary/Contingent beneficiary refers to the person who is only entitled to receive the death benefits in case the primary beneficiary passes away before the life assured.

Life Insurance Companies User Reviews

What users are saying
  • Hassle-Free Policy Purchase

    Buying Axis Max Life Insurance was seamless with InsuranceDekho. Their website showed me different plans, premium details, and benefits in one place. The purchase process was straightforward, and I received my policy document without any trouble. Highly recommended!

    R
    Axis Max
    By Rajesh Verma
    On: February 25, 2025
  • Smooth Claim Settlement

    I had to file a claim for my HDFC Life Insurance, and I was unsure how to proceed. InsuranceDekho guided me through the entire process and helped me submit the necessary documents. The claim was settled smoothly, and their team was very supportive throughout.

    P
    HDFC
    By Priya Deshmukh
    On: February 25, 2025
  • Helped with Policy Renewal

    Renewing my TATA AIA Life Insurance was easy with InsuranceDekho. I received timely reminders, and their customer support explained the renewal benefits. The process was quick, and I didn’t have to worry about missing the due date. Great service!

    A
    TATA AIA
    By Anil Sharma
    On: February 25, 2025
  • Securing Family

    I was looking for a meaningful gift for my niece’s wedding when I came across the Life Insurance policy from InsuranceDekho. I gifted her LIC Life Insurance, and there couldn’t have been a better gift for her future. Thank you, team. You are doing a wonderful job. 

    S
    LIC
    By Sandeep Bishnoi
    On: June 24, 2024
  • Perfect Gift for my family

    My parents are getting older, I surprised them with a life insurance policy from Bajaj Allianz Life Insurance. I purchased it through InsuranceDekho; the process was smooth and a totally easy breeze. Thank you team, for helping me secure my family.

    A
    Bajaj Allianz
    By Asraf Ali
    On: June 24, 2024

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