Q1. I want to change the nomination in my life insurance policy. Earlier, my mother was the nominee, but she passed away last month. I want to make my son the nominee now. Is that possible? How do I go about it? Can I do it online? 

Ans. Yes, you can nominate your son in the policy. If your son is a minor (below 18 years of age), then an appointee would be required. A “change of nomination” facility is available on most life insurers’ websites. You can place a request via their web portals. In case it is unavailable on a particular website, you can connect with your life insurer via the official contact point, such as the contact centre or visit the nearest branch to place the request..

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Q2. I am 42 years old, married, and have two children. I am planning to buy a life insurance plan to invest in my family’s future financial security. I am told I could add a few riders or add-ons, like accidental death and disability cover, to the endowment plan for comprehensive coverage. My friends have differing opinions on the matter. Is that advisable, or should I buy separate disability coverage?

Ans. Adding riders like accidental death and disability benefits to an endowment plan boosts protection. These riders enhance the coverage and provide additional benefits in case of an eventuality. The waiver of premium (WOP) rider ensures savings are protected for beneficiaries without the breadwinner.

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Q3. I am 35 years old and am thinking about changing the tenure of my term life insurance from 15 to 25 or more years to provide longer financial security to my family, as I now realise that I will be an earning member for another 25 years. Will my present insurer allow that? Will it entail an increase in the premium?

Ans. Term life insurance typically doesn’t allow extending the policy tenure as the premium is dependent on the cover term in addition to other risk parameters. However, you can choose to avail of a new term policy with an increasing sum assured option for the desired policy term to ensure minimal overlap and manage premium outgo as per your current age. 

The author is the head of products and segments, HDFC Life.