A Life Insurer is permitted to collect the following fee for registering the cancellation or change of the nomination by the holder of a policy of Life Insurance on his own life.
(a) | Policies electronic form | shall not exceed Rs. 50 (Rupees fifty only) inclusive of all applicable taxes. |
(b) | Policies other than in electronic form | Rs.100 (Rupees Hundred Only) inclusive of all applicable taxes |
Notes:
No fee, other than above, shall be collected for registering a nomination either at the lime of effecting a policy of life insurance or at any time thereafter or towards any other services relating to nomination contained in Section 39 of the Act, as amended from time to time.
The nomination effected by a policyholder at the inception of the policy through the proposal form and recorded by the Insurer in the schedule of a policy document shall be considered as a valid acknowledgement by the Insurer.
As notified by Insurance Regulatory and Development Authority of India (Fee for Registering Cancellation or Change of Nomination) Regulations, 2015
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