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What is meant by Nomination? Who can nominate? State its importance. |
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Answer» Nomination means nominating a person to receive the benefit of Life Insurance policy. It is done only by a policyholder who is a major &holding Policy Bond in his own name. Through nomination facility, the policyholder will appoint a nominee or nominees to receive the death benefit while processing a death claim. The sum assured plus the applicable bonuses will be paid along with the death claim. |
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