What is Nomination (Nominee)? — Meaning, Definition & Example
Definition
Nomination is the process of designating a person who will receive the proceeds of your financial assets (bank accounts, insurance, mutual funds, shares) in case of your death. The nominee is a custodian, not necessarily the legal heir. Nomination can be updated anytime.
Without a nominee on your mutual fund account, your family will need a succession certificate from court to claim the money — adding months of delay and legal costs.
🇮🇳 Nomination (Nominee) in Hindi / हिंदी में
नॉमिनेशन (नॉमिनी) — नॉमिनेशन उस व्यक्ति को नामित करने की प्रक्रिया है जो आपकी मृत्यु की स्थिति में आपकी वित्तीय संपत्तियों की राशि प्राप्त करेगा।
Nomination (Nominee) (Hinglish) — Nomination wo process hai jisme aap ek person designate karte ho jo aapki death ke case mein financial assets (bank, insurance, MF) ka paisa receive karega.