Yes. Because he is the payer even though life assured is a different person. The premium receipt also given in the proposer’s name. So he is entitled to claim tax benefit as per law at the time of filing. But life assured cannot claim tax benefit if proposer is different.
Like bank account, Life insurance contract also require a Nominee to issue the policy. The purpose of nominee is to ease the claim process in case of death of “Life Insured”. It does not mean that the nominated person has full legal rights to consume the money ahead of other successors of the deceased person.… Read More »
A proposer of a Life Insurance policy is the person who pays for the policy but life assured is a different person. For example, a father can propose a policy for his minor son. Here proposer is father and life assured person is son. While applying for policy if the proposer does not have INSURABLE… Read More »