Bharti AXA INSURANCE GLOSSARY Beneficiary Beneficiary A beneficiary is a person, a group of persons or an entity that receives the death benefit in the event of the death of the insured person. A beneficiary could be a person, a trust set up by the insured person, a charity or his/her estate. An insured can name two levels of beneficiaries – a primary beneficiary who should get the death benefit if found, and a contingent beneficiary who is paid the death benefit if the primary beneficiary is already dead, not eligible to receive the benefit for any legal reason or cannot be found. If no beneficiary is named in the policy, the death benefit is paid out to the insured’s estate. Till 2015, other legal heirs of the insured were able to make claims to the death benefit alongside the nominee. To overcome this issue, the government of India introduced the concept of beneficial nominee. If the nominee is among the insured’s immediate family, then they would receive the total death benefit regardless of any other claims made. You can choose to nominate your kid as the beneficiary for the policy. This makes sense as the policy is meant to secure their future in case of your unfortunate demise. But if your children are still under the age of 18 years, they are not considered legally eligible to receive the death benefit. In such a case, you would also have to select an appointee (or custodian) for the nominee. If a claim arises while your nominee is still a minor, the benefit will be paid to the appointee for custody. He/she will pass on the amount to the nominee once they turn 18. Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.