Nominee

A nominee is the person you name to receive the money in an account, policy or investment if you die. It lets the bank, fund or insurer release the money to a known person quickly, instead of your family having to prove their claim through a legal process.

Not automatically. A nominee receives and holds the money, but who finally owns it is decided by your will, or by succession law if there is no will. Often the nominee and the rightful heir are the same person, but a nominee is not a substitute for a will.

Yes. Adding a nominee to each bank account, deposit, mutual fund, demat account, insurance policy and provident fund takes a few minutes and spares your family a long, costly claim process later. Keep the nominations updated after big life events.