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Till now, nominees in life insurance policies were not beneficiaries. They acted as receivers of the insurance proceeds on behalf of the legal heirs of the policyholder. The new Act has created a "beneficial nominee" category, which includes only close relatives of policyholders. "Now, if the policyholder nominates his father, mother, spouse or children in an insurance policy, they become beneficial owners of the claim proceeds," says Kalpana Sampat, Chief, Customer Service and Operations, ICIC ..Read More
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