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Who is an Insured?
If you are the family’s primary earner and buy a term insurance plan, you are the insured. In the event of your early demise, the insurer pays the death benefit to your nominee, ensuring financial support for your loved ones.
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Example of Insured
If you are the primary breadwinner of the family and buy a term insurance cover , you are the insured in the policy. You must choose a nominee in the policy to ensure that the benefits pass on to your family member. In the event of your early demise, your nominee(s) will receive the insurance benefit in the way you had selected at the time of purchase.