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Should you have more than one nominee in your term insurance?

The Policyholder can have multiple nominees so that the nominees can share the financial benefits equally. Learn whether you should have more than one nominee in your term insurance plan.

  • Dec 05, 2022

In a world full of uncertainty, it’s crucial to ensure that your family’s bright future is guaranteed and not just up for grabs. For that reason, you put in a lot of effort, strive to improve your income, optimize your savings, make smart investment decisions, and do everything in your power to make the greatest possible provision for your family.

As long as you are alive, you will ensure that your family will not have to fight to fulfill their ambitions, whether to pursue further education or achieve other life milestones. But what if one day you are unable to support your family? It goes without saying that you wouldn’t want to leave their future in the hands of chance.
A term life insurance policy can help in this situation. People now understand the need for a backup plan due to the COVID pandemic. The loss of a family income earner not only affects the other family members emotionally but also causes major financial concerns. Therefore, it is crucial to pick a term insurance plan that offers a safety net for your family in order to be ready for such eventualities.

What is Term Life Insurance?

Term insurance is a type of life insurance that offers a significant payout (to the policyholder’s family in the event of his or her passing) for a relatively low cost. A term insurance policy gives you a choice to purchase protection against serious illnesses and provide financial stability for your family in the event of your death.

If you choose particular riders, you will receive a financial reimbursement if you are found to have any of the serious illnesses that are listed, such as cancer, heart disease, kidney failure, etc. In this method, the insurance amount ensures that the expense of treatment or other related charges is covered, preventing your life ambitions from derailing due to such an illness. In addition to any health insurance that you might have, this cover amount is paid.

Who are the nominees?

The policyholder can specify who will receive plan benefits in the event of an unfortunate demise through the nomination process. The whole thing is supposed to go smoothly and without any hitches. As long as the directives are specified in the policy document by the policyholder, the insurance company can easily transfer the money into the nominee’s account shortly after the claim is filed and processed.

Typically, the term insurance nominee is a dependent family member, such as the policyholder’s spouse, children, or parents. Uncles, aunts, and other distant relatives can occasionally also be nominated.

Because minor children under the age of 18 are not able to receive claim benefits directly, it is vital to designate an appointee if the policyholder chooses to name a minor kid as a candidate. Afterwards, the appointee is in charge of overseeing the financial benefits until the minor term insurance nominee reaches adulthood.

Should you name multiple nominees?

When a household income earner passes away, there are frequently many dependents left behind. Money is frequently cited as the primary driver of family disputes. Even while this may not always be the case, it is nevertheless preferable to take precautions to avoid any such circumstance. This is where naming multiple nominees can help.

  • It is frequently appropriate to name more than one nominee in order to protect the interests of all dependents and prevent future family conflicts. In this manner, the financial advantages are divided among all the nominees listed in the policy. Additionally, as a policyholder, you have the option of selecting the distribution of benefits among the candidates in terms of a specific proportion.
  • It is typical for policyholders to name just one nominee, thinking that person will look out for the best interests of the entire family. Particularly when the policyholder names their spouse as the nominee, this is the case. However, in a few uncommon circumstances, it can also turn out to be an expensive error if the term insurance nominee also unluckily passes away at the same time as the policyholder. If the payout is required for more than one dependent, things may become more challenging. If only one nominee is named in this situation, it may become too difficult for the insurer to determine who the insured’s legitimate successor is, which would complicate the claim settlement procedure. In such a situation, the survivors would have to go through a difficult and drawn-out legal procedure to determine the legal heir who would ultimately get the policy payments.
  • If the payout is required for more than one dependent, things may become more challenging. If only one nominee is named in this situation, it may become too difficult for the insurer to determine who the insured’s legitimate successor is, which would complicate the claim settlement procedure. In such a situation, the survivors would have to go through a difficult and drawn-out legal procedure to determine the legal heir who would ultimately get the policy payments.

While it may not be entirely prevented, this entire difficulty can be reduced by designating many nominees and distributing a particular portion of the sum assured to each of them. Provided one of the candidates passes away if there is no other competing will or legal heir, the share of that nominee would be dispersed proportionately among the remaining term insurance nominee according to the allotted percentage. This guarantees that, in the majority of instances, if not all, beneficiaries receive their share without difficulty.


To safeguard the interests of the insured’s family, the nomination procedure is essential. However, unlike many others, you shouldn’t just appoint one nominee. It is advisable to designate multiple nominees or to consider the demands of the family’s dependents as well as the future. Additionally, one should not stop there. Both informing the nominee of the policy and giving them access to the policy materials are crucial. Additionally, one should examine the policy and the nominee information each year and notify the insurance provider of any changes.

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Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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