What is the Difference between Nomination and Assignment?

What Is The Difference Between Nomination And Assignment?

Nomination is an act by which the policyholder can authorize another person to receive the policy money in the event of the death of the policyholder. The person authorized in this way by the policyholder is known as Nominee. Assignment is a method by which the policyholder can transfer the right, title and interest in the policy to another person either wholly or in part. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be absolute or conditional contingent upon the happening of a specified event.

What is the Difference between Life Insurance and Mediclaim?

Life insurance provides financial support to your family in the event of your death, and mediclaim provides coverage for medical expenses in case of hospitalization or illness. Both types of insurance are essential and serve different purposes, and it is recommended to have both types of insurance to ensure comprehensive financial protection.

What Is Difference Between Tata Aia And Tata Aig?

Tata AIA and Tata AIG are two distinct entities under the Tata brand. Tata AIA Life focuses exclusively on life insurance products like term plans and ULIPs. Tata AIG General Insurance provides non-life products, including motor, health, and travel insurance. Both are joint ventures with international partners, AIA Group and AIG respectively. You would visit Tata AIA for life cover and Tata AIG for car or health protection.

What is the Difference Between Online And Offline Insurance Policy?

Online policies are purchased directly via websites or apps, often offering lower premiums due to reduced administrative costs. Offline policies involve intermediaries like agents or brokers who provide personalized assistance. Both types provide the same legal protection and follow IRDAI guidelines. While online buying is faster and transparent, offline buying offers face-to-face guidance. The choice depends on the user's comfort with digital transactions and self-research.

What is the Difference between Insurance and Assurance?

Insurance and Assurance are the most common terms used in the insurance terminology. Insurance guarantees financial coverage in case of loss due to an insured peril or an uncertain event such as accident, hospitalization, fire damage, etc. The uncertain event may or may not happen during the policy period. This uncertainty is covered under the term Insurance. Assurance guarantees financial coverage in case of loss due to a certain event; such as death. The event is certain to happen at any time during the policy period where the coverage is applicable. The certainty of happening is covered under the term Assurance.