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