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What is the Meaning of Nominee in Insurance & Who Can Be Your Nominee?

What is Nominee in Insurance?

What is the Importance of Nominee in Insurance?

Who is Eligible to be Your Nominee in General Insurance?

Who is Eligible to be Your Nominee in Life Insurance?

What are the Different Types of Nominees?

What is the Difference Between Nominee and Beneficiary?

The difference between a nominee and a beneficiary is discussed based on the criteria in the table below: 

Criteria Nominee Beneficiary
Legal Claim Doesn't have a legal claim on the assets managed by them Has a legal claim on the assets received by them.
Ease of Change Easier to change Difficult to change
Transferability Cannot buy, sell or transfer the assets managed by them Can buy, sell or transfer the assets received by them.
Potential Conflicts May have interest that results in conflicts with the asset owner No such conflict is seen with the asset owner
Susceptibility to Fraud They are more susceptible to being victims of fraud as they are not the true asset owners. Less susceptible to fraud as they can handle and manage the assets directly.

How to Choose a Nominee?

Benefits of Adding a Nominee to an Insurance Policy

What if the Nominee is Not Added to the Policy?

FAQs about Nominee in Insurance