MANAGEMENT

Detailed explanation-1: -Provided that, where any nominee is a minor, it shall be lawful for the policyholder to appoint any person in the manner laid down by the insurer, to receive the money secured by the policy in the event of his death during the minority of the nominee.

Detailed explanation-2: -A beneficiary is a person (or entity) named to receive the advantages or guaranteed death benefit of your insurance policy. A beneficiary can be anyone who you trust and holds a financial interest in your life. This means a legal representative; an institution or bank can be a beneficiary.

Detailed explanation-3: -The designated heir is known as a life policy beneficiary or nominee. The beneficiary can be any person whom the policyholder trusts. As a policyholder, you have the option to change the nominated person at any point if required. However, if your beneficiary is a minor, you need to assign a custodian.

Detailed explanation-4: -Bacus says this can include your spouse, your children and even parents or any other person who was factually dependent on you. However, a beneficiary nomination form is still an important document.