Nominee Update: Why is it necessary to have a nominee in a bank account or insurance, a huge amount can be lost..

If there is no nominee in the bank account or insurance policy, then a big loss can be suffered. Today, every second person has a bank account and an insurance policy. When opening a bank account, information about the nominee is also asked in the form. However, some people leave this column blank without giving any information. Doing this does not cause any loss to the bank, but the family of the person taking the bank or insurance can face problems in the future.

How can a large amount be lost?
It can be understood in this way. Bank and insurance are matters related to money. If in the future, in some unfortunate situation, the bank account holder dies, then there will be no one to take this money. On the death of the account holder, his legal heirs will have to go through long and difficult legal procedures to withdraw the account holder's money. It is usually seen that in some situations this process is so complicated that the account holder's money remains lying in the account.

Why is a nominee necessary for a bank account and insurance?
The nominee's name is necessary for the bank and insurance because this other person does not get the same facilities as the account holder, but receives some special rights.

The question is that if there is no nominee in the bank account or insurance, then what happens to the money of the account holder on his death? There is no doubt that if there is no one to take this money, the bank remains with the government.

Who can be the nominee?
A person can give preference to his life partner as a nominee. Apart from this, children can also be made nominees. Other family members and friends can also be made nominees. However, it will also be necessary to be clear what is the relationship of the person becoming the nominee.