Remember:
- Beneficial Nominee Priority: As per the Insurance Laws (Amendment) Act, 2015, immediate family members (spouse, parents, or children) have the first right to claim the payout.
- Nominee vs. Legal Heir: If the nominee is not a beneficial nominee, legal heirs may claim the amount through succession laws.
- Clear Documentation: Ensure the nominee details are updated to avoid legal disputes.
- Legal Recourse: In case of conflicts, courts may decide based on will, succession laws, or nominee designation.
Contact us for more information and assistance or you can refer the Live Mint article.
