Article

Life Insured
June 07 , 2012

The Life Insured in an insurance policy is the person whose life is covered. This is the person whose medical history is checked and who may be required to undergo medical tests before issuance of the policy. The Life Insured may be different from the person who pays the Premium. But Indian laws require that the two cannot be completely unrelated to one another – there needs to be what is called an insurable interest between the payer and the insured. Most family members come under this clause, as do employer-employees.

It makes sense (though it is not legally required) that the Life Insured is a person who is an earning member for her family. After all, life insurance is supposed to cover the financial burden of losing an earning member. So beware of unscrupulous agents trying to make your child the life insured – it makes no sense whatsoever! The child should only be the nominee in a policy with life insured as the earning parent(s).

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