1. Life Insurance

       People take life insurance policy to secure their dependents. A positive side of life insurance policy is that you can register more than one nominee,  but on a condition that one nominee should be from your family. You can also add your friend as your nominee. To do this, you need to submit certain documents related to that person. According to Section 39 of Insurance Act, after the death of the policy holder your nominee will acquire all the right on your policy without any added benefits.

2. Mutual Funds

       You make an investment to for secure your financial asset and as well as protect your family. In case if you don’t do investments carefully then after your death your family members have to struggle to claim it. In order to avoid such mess, be sure of making the Will including all the formalities related to nominations and also investments and accounts. While purchasing units in mutual funds, you can include up to three people as your nominee. Among this nominee one could be a minor too, it’s just that the guardians name should be mentioned in the nomination formalities.

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