The relationships that matter the most to you need not always be defined by conventional norms. While marriage is a bond that ties you to your partner in a socially and legally recognised manner, live-in partnerships can hold as much meaning and importance for the people involved. But can you offer the same levels of security and peace to your live-in partner that you may be otherwise able to offer easily to the rest of your relations? With life insurance, you can. While it is not the norm, and it comes with certain conditions that ought to be met in the future, you could include your live-in partner in your life insurance nomination.
Let’s take a look at the details of live-in partnerships in the context of life insurance nomination.
A nominee is the person who receives the life insurance plan death benefits from the insurer. Their role is largely administrative. They collect the death benefit and pass it on to the rightful heirs. On the other hand, a legal heir is defined by law. In India, estate succession rules favour blood relations and legally recognised dependants. In the absence of a Will (a written legal document), the insurer pays the nominee, but the sum ultimately goes to legal heirs under the Hindu Succession Act or the Indian Succession Act.
Most insurers restrict nomination to close blood relations or legal dependants. This simplifies claim settlement and reduces disputes. If you name a live-in partner, the insurer may accept the nomination on record. However, when you file a claim, the insurer may insist on evidence that your partner is entitled. This typically means they will request:
A Valid Will (a written legal document): Clearly naming your live-in partner as beneficiary of the life insurance proceeds.
No Objection Certificate (NOC): Signed by existing legal heirs (such as parents or siblings), confirming they have no objection to your partner receiving the funds.
Without these, the insurer is bound to follow statutory law. That means the death benefit may not go directly to your partner and could instead be distributed among legal heirs as per succession laws in the absence of a Will (a written legal document) or NOC.
Clarity of Intent: A legal Will (a written legal document) makes your wishes explicit. You state which policy and what share goes to your partner.
Faster Settlement: An NOC from legal heirs removes potential hurdles. The insurer can process the claim without waiting for court orders.
Legal Certainty: Courts rarely challenge a properly executed Will (a written legal document) and NOC. This minimises delay and expense.
To be valid, a Will (a written legal document) must be:
In writing, dated and signed by you.
Witnessed by two independent adults.
Registered, if you choose (registration adds weight but is not mandatory).
Live-in partnerships can be a complicated matter when it comes to legal and financial dealings. To ensure that the life insurance policy benefits you intend for your partner are received by them hassle-free, you can follow these tips.
Consult a Solicitor: Seek legal advice to draft a Will (a written legal document) that meets all formalities.
Detail the Policy: Mention insurer name, policy number and exact share for your partner.
Obtain NOC Early: Speak with your legal heirs. Secure their written consent in advance to avoid surprises later.
Store Documents Safely: Keep the will and NOC in a fire-proof box or with your solicitor.
Notify the Nominee: Ensure your partner knows where the documents are and how to access them.
If you are keen on ensuring the best experience for your live-in partner as well as your other relations, you may also like to consult a financial expert to understand how you can better execute your financial intentions.
Non-traditional arrangements in the context of interpersonal relationships are not uncommon, but as with all aspects of societal and cultural change, developing provisions to accommodate this as norm without exceptions may take a while. However, you can still offer the best you to your live-in partner by supplementing your life insurance nomination with a will (a written legal document).
By taking proactive steps – drafting a will and securing an NOC – you bridge the gap between legal formality and personal commitment. Your live-in partner can be financially secure, exactly as you intend.
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