What is the difference between nominee and beneficiary?
Is it one and the same thing?
How do I change the beneficiary on my life insurance policy?
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What is the difference between nominee and beneficiary?
Is it one and the same thing?
How do I change the beneficiary on my life insurance policy?
Beneficiary
The person(s) or entity(ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the insured.
Nomination
An act by which the policy holders authorises another person to receive the policy moneys. The person so authorised is called Nominee.
Source - licindia.com
Thanks MTG and Policy_Expert.