Life is unpredictable. Anything can happen to anyone. It’s impossible to control everything; however, you can be prepared for the unexpected. Investing in medical insurance plans is one such way. These plans serve as your safety net and safeguard you against high medical costs. However, one critical aspect of health insurance that often gets overlooked is the addition of a nominee.
Let’s explore what a nominee is, the different types of nominees, and its importance.
Understanding Nominee in Health Insurance Policies
A nominee is the person you assign as the beneficiary to your insurance policy, who will receive the benefits in the event of your demise. Nomination is an essential step in medical insurance plans to ensure that your loved ones are covered and receive the benefits even when you are not here. This is a great approach by the health insurance companies and enhances the policy.
If you are wondering who can be your nominee, then keep reading to learn more.
- You can nominate your legal descendants, such as spouses or children.
- Immediate family members, including your siblings, parents, or other family members, are also eligible for nomination.
- You can also nominate your friends, cousins, or extended family members. However, when doing so, you must consult with your insurance company.
Different Types of Nominees
When choosing the best health insurance policy in India, you must know the various types of nominees offered. This will help you with the nomination process.
- Beneficial Nominee: When you nominate an immediate family member, such as your parents or children, for the best health insurance plans in India, this is referred to as a beneficial nominee.
- Minor Nominee: If you choose a person who is below 18 years of age, it is referred to as a minor nominee. However, when appointing a minor, you must also name an adult in the medical insurance plans.
Significance of Nominee in Health Insurance Policies
Considering the unpredictable nature of life, including the nominee in the best health insurance in India is extremely beneficial. Listed below are some of the reasons that state the importance of nomination:
- Smooth Settlement of Claims: Nomination ensures that your claims are processed smoothly and that your loved ones receive the benefits of your policy during your absence. This also facilitates the timely settlement of claims and speeds up the process.
- Provides Financial Security: Nomination ensures financial security in the unfortunate event of your death. This helps to avoid disputes among family members over benefits and ensures their safety.
- Saves Time and Effort: When you nominate a person, be it your family members or any other person, they can easily claim the policy benefits without going through any legal formalities. This helps save you time and effort.
- Reduces the Burden on Family Members: Nomination reduces the financial burden of your family members by ensuring the benefits are passed on to the designated person smoothly. This can assist them to some extent during this tough time.
How to Add a Nominee to Health Insurance Best Plans?
When choosing the best health insurance company in India and adding the nominee, follow the steps listed below:
- Gather the Necessary Documents: After filling out the form, you must submit the following documents with nominee information:
- Identification proof
- Document regarding the nominee’s relationship with you
- Address proof
- Fill out the Nomination Form: The first and foremost step in nominating a person for health insurance is to fill out the nomination form. You can either download the form from the insurer’s official website or visit their office.
- Submit the Form: Once you’ve completed the form, submit it to your insurance provider. You can do this online through the insurer’s website or app or in person at the branch office.
Wrapping Up
Health insurance planning is essential to prepare yourself for unexpected circumstances, such as accidents or illnesses. However, one of the most overlooked aspects of health insurance is nomination. Choosing the right nominee for your health insurance policy is a vital step toward protecting your family’s financial future. It guarantees that your loved ones are protected in the event of an unfortunate incident.
When looking for the best health insurance company in India, look no further than Niva Bupa. When it comes to health insurance, they are one of the most trusted insurance providers in India. Niva Bupa has a wide range of insurance products and more than 10,000 network hospitals providing access to quality healthcare.
