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Glossary
Nominee: The person chosen to receive the life insurance payout if the policyholder passes away Minor Nominee: A nominee below 18 years of age whose claim is managed by a guardian until adulthood
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What Are the Types of Nominees?
Minor Nominees: A policyholder can nominate a person under 18 years of age. Such nominees are called minor nominees. In this case, a legal guardian is assigned on behalf of the minor . If the policyholder dies while the nominee is still a minor, the guardian will receive the sum assured on behalf of the minor.