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Group Term Life Insurance

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Group term life insurance nomination form

When a company buys group term life insurance for their employees, they get details of the nominees from them. This is generally done using the nomination form where employees can list up to 3 or 5 nominees who will receive the sum assured. The insurer verifies the relation and nominees’ details provided. These days, some insurers have the facility to do this online. 

In any case, if an employee wants to change the nominee, they can use the same nomination form and do it. Always, the latest nomination form will be considered and older ones stand cancelled with new nominations.

Below are the group term life insurance companies nomination forms of popular life insurers.

HDFC nomination form Download here
SBI nomination form Download here
TATA AIA nomination form Download here
Edelweiss nomination form Download here
ICICI Pru nomination form Download here
Reliance nomination form Download here
Bajaj nomination form Download here
Max life insurance nomination change form Do it online
Aditya Birla Sun Life insurance nomination form Download here

Who is a nominee or beneficiary in Group term life?

A beneficiary in group term life insurance is someone you nominate to receive the sum assured after your demise. You can choose to have one or multiple beneficiaries. If you have one beneficiary then the entire sum assured is given to them. When you choose to have multiple beneficiaries, the sum assured gets divided between them equally. You can also allot percentages when you have multiple beneficiaries. For example, beneficiary A (spouse) can get 70% of the sum assured and beneficiaries C and D (2 adult children) can get 15% each. 

With Pazcare, employees can add and change beneficiaries easily. We guide the employees with all their queries and forms so give a smooth experience. Our app will notify new joiners to do all the verifications and nominations in the first 30 days of joining. 

Frequently asked questions

Can we have multiple nominees?

Yes, you can have multiple nominees and assign equal or unequal portions of the death benefit to all the nominees.

What happens in the case of the nominee’s death?

If there’s only one nominee and the nominee has also passed away, then the death benefit is paid to the legal heir like spouse, children or parents.

Can the nominee be changed?

Yes, a nominee can be changed anytime. This can be done by filling out a nomination form with the details of the nominee you choose

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