I am in the process of finalizing the purchase of Anmol Jeevan-I term insurance policy.
Intention is to safeguard the upkeep and well-being of my child who is 2 years old.
In order to proceed further,I’m requesting suggestions / comments on the following:
a)Being a ‘proposer’ of the policy I want to assign the ‘Appointee’ as my sister or my wife’s sister.
while keeping my child(age 2 years) and my wife as ‘Nominees’.
b) What is the Appointee’s role in a situation where the ‘Nominee’ is minor. Will he/she get the entire sum assured in one shot-one go, if the Proposer is no more.
c) What is the best approach/suggestion in a term policy and the roles of ‘Nominee’ and ‘Appointee’where there is a working couple who want to secure their child in their absence considering a worst case scenario that both the parents are non-existent.
Your valuable suggestions would help in making a quicker decision to go forward with the purchase of the policy.
Thanks and Best Regards