A nomination can be made only in favour of ________________

Question

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

Answer 1

5. Any individual

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

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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.