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Nominee is the person who has been selected or designated by the policyholder to receive the life insurance proceeds in event of his death on behalf of his family.
The process of appointing a nominee is called Nomination and is usually done at the time of filling up the application form for the life insurance plan. Appointing a nominee is a very crucial step in the life insurance application process as the benefits of the policy would go to the nominee in case of death of the policy holder.
Read more about the process of Nomination.