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Nomination is the process by which the policyholder appoints a person or persons to receive policy benefits in case of a death claim. So in case of an eventuality, the life insurance company pays the policy proceeds to the appointed person - called Nominee.
Any person related as below can be added as a nominee. Nominee should be 18 years or above.
Relation : Aunt, Brother, Cousin, Daughter, Father, Grand Daughter, Grand Mother, Grand Father, Grand Son, Husband, Mother, Nephew, Niece, Others, Sister, Spouse, Son, Uncle , Wife
Nominee is the person selected by the policyholder to receive the benefit in case of accidental death of the insured thus giving a valid discharge to the insurer on settlement of claim under an insurance policy
Yes, the policyholder can change the nominee or make a fresh nomination any time