I am going in for a home insurance plan. Do I need to have a nominee.

[vivekrawal]

I am going in for a home insurance plan. Do I need to have a nominee.

[Arti · Accepted solution]

Hi, 

The purpose of making a nomination is to identify the individual to whom the insurer has to hand over the policy proceeds in case of the policyholder's death. Remember, nomination is mandatory in life insurance .