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Question: A nomination can be made only in favour of ________________

Options:

  1.  a bank  
  2.  spouse and children with guardian
  3.  spouse and minor children
  4.  parents, spouse and children
  5.  any individual

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5. Any individual

A nomination can be made only in favour of any individual.


More info:

A nomination is a effective tool to gain/access assets such as PPF, mutual fund etc. in case of death. In the absence of nominations, legal heirs may have to go through a long and difficult process of identifying themselves as legal heirs and making a payment obligation.

Nomination in bank accounts can be done in favour of individual only.

Many nominees can be registered at the time of buying a life insurance policy with their respective shares.

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