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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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.
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.
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