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Ask Mint Money | Another nominee can be added to an existing policy

Ask Mint Money | Another nominee can be added to an existing policy
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First Published: Tue, Feb 08 2011. 09 09 PM IST
Updated: Tue, Feb 08 2011. 09 09 PM IST
I have a life insurance policy of Rs50 lakh and my mother is the nominee for the same. I recently got married. Now I want to add my wife’s name in the same policy as joint nominee. Is it possible?
-M. Shrivastav
Most companies offer the facility of multiple nominees. Moreover, you can also specify the percentage of benefit that you would like to go to each nominee. Please check with your insurer whether it has this provision.
I am 23 years old and my monthly salary is Rs15,000. Please suggest a life insurance plan best suited for me as I can’t afford a premium of more than Rs2,000 per month. I also want to make some profit from the investment.
-Nikita Singh
Given the premium amount you can pay, it is best for you to opt for a unit-linked insurance plan (Ulip) wherein premiums are paid in a monthly mode. You should look at purchasing a Ulip that is low cost.
I want to know if investing in a market-linked life insurance policy is a good decision. Though I am averse to risk, but I plan to opt for a policy which assures a sum of Rs50 lakh.
-Vishal
If you are buying a Ulip, it is not necessary that you choose a fund that is equity oriented. Ulips come with a choice of funds and the flexibility to seamlessly switch between funds with very little fuss.
Most Ulips in the market offer an equity fund, a balanced fund, a debt fund and a secure fund. Your money is invested in different funds. In an equity fund, as the name suggests, a large proportion is invested in equity instruments whereas in a secure fund, the corpus will be invested mostly in money market instruments. Each fund has a different level of risk attached to it and hence a different level of return.
As per your risk appetite, you can choose to invest in any of these or any percentage mix that you want. There are many products in the market which have multiple sum assured options. So, based on the premium that you are willing to pay, check which policy can offer you a sum assured of Rs50 lakh.
Queries and views at mintmoney@livemint.com
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First Published: Tue, Feb 08 2011. 09 09 PM IST