The person who has entered into a contract of insurance with the insurance company is the policyholder. He is the person who is liable to pay the periodical premium to the insurance company on the policy taken.

The person whose life is covered under the contract of insurance is the life insured.

When the policy money becomes due for payment on the death of the policyholder, it can be paid only to that person who is legally entitled to give a valid and effective discharge to the corporation. If the policy bears nomination, the claim is settled in favour of the nominee. He/she is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured. The nominee does not become legally entitled to the money. He is only a trustee holding the policy moneys on behalf of the legal heirs of the policy owner..

Any policyholder, who is a major and the life insured under a policy, can make a nomination. Nomination is not effective in a policy taken on the life of another person.

Nomination is a right conferred on the holder of the policy of life insurance on his own life to appoint a person or persons to receive the policy moneys in the event of the policy becoming a claim by death.

Yes, assignment of policy is allowed. To assign the policy, the policyholder has to notify the company. Assignment has the effect of nullifying the nomination in the policy. Assignment is not permitted in case of retirement plans.

The date on which the contract of insurance policy comes to an end and on which the survival benefits are payable.

In case you wish to reconsider your decision to hold the policy, you have the option of returning the original policy to us, within 15 days from the date of receipt of the policy.

You must intimate the nearest insurance company branches immediately through a letter along with an indemnity on Rs. 200 stamp paper and Rs. 500 (plus ST and Edu cess) towards administrative charges (stamp duty paid for registration). In case the stamp duty for a particular policy amounts to more than the administrative charges collected (Rs. 500), you will need to pay an amount based on the actual stamp duty.

The regular premium paid by the policyholder is eligible for tax deduction under Section 80C (subject to conditions specified) of the Income Tax Act, 1961. Also, benefits paid under the life insurance policy are exempt from tax under Section 10 (10) (D) of the Income Tax Act, 1961, subject to the conditions specified in section 10 (10) (D).

Transfer or assignment is a method of transferring of all benefits and rights under a life insurance policy to another person or institution including as security for repayment of loans.

Yes, free look period is available on all policies.

Yes. The premium that you pay on your insurance policy is mainly dependent on two things - your age and the tenure of the policy. The younger you are, the lower is your insurance premium amount. At younger age, you would be physically sound and may not be suffering from illnesses/ medical condition. This would entitle you to a lower premium on the policy. Therefore it is advisable to buy insurance at an early age to reduce the cost of insurance.

Yes, you will need to submit your original policy document along with your assignment form. The assignment is endorsed on your policy document and then sent to the assignee and assigner is intimated.

A unit-link policy allows you to determine the risk you can undertake and then invest in funds accordingly. You are allowed to determine what proportion of the premium will be invested in which fund. Units are generally of face value of Rs. 10 and each unit is a fraction of the total fund.

Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your risk cover in case of certain events happening. For instance, if you have taken an Accident Death Benefit rider and you die due to an accident then your beneficiaries can get up to a maximum of twice the basic sum assured subject to Claims acceptance.Similarly there are different riders addressing different contingencies like Critical Illness, Permanent Disability Benefit, etc. There are riders available that waive your future premiums in case of death or disability of the proposer.These riders come at a nominal cost and can be availed of depending on the policy taken. These can be taken at the beginning of the policy term or during the policy term.

Assignment or transfer of a life insurance policy may be made by simply making an endorsement to that effect in the policy document. Another way of transferring or assigning the life insurance policy is by getting a separate assignment deed executed. The former case is a preferred mode of assignment as it is exempt from further stamp duty. An assignment should be signed by the assigner or his duly authorised agent specifically stating the fact of transfer or assignment and attested by at least one witness. An assignment form needs to be filled and signed by the policy owner, assignee and a witness.

Yes assignment is permitted on all policies except policies, which are purchased under Married Women’s Property Act (MWP) and pension plans.

The person who proposes to enter into a contract of insurance with a life insurance company to insure himself or another life on whose life he has insurable interest.

The details required are – name of the nominee, address, date of birth and percentage of share of the nominee.

To buy a policy, please Click Here and you will be able to connect with our company website (www.mediitree.com). You can also enquire about our policies by contacting us either on +91 9845994990, +91 7349455599 or email your contact details to us at info@mediitree.com

While the nomination is an authorisation to receive the policy money in the event of the death of the life assured, it does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his will and pleasure or by a subsequent assignment. On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities to the insurance policy in favour of the assignee. The policyholder cannot revoke an assignment once made.