By Personal Finance: Nominating live-in partner for financial products
Even as banks and investment companies have revamped financial products to suit the needs of millennials in our digital age, the restrictions on whether they can nominate a live-in partner, whether same sex or opposite sex, remains a gay area.
Bank accounts
A nominee has the right to access the account holder’s bank accounts and is entitled to the money deposited in the savings accounts, deposits (both fixed and recurring) and bank lockers (even while the account holder is alive).
Insurance policies
Besides parents, spouse, and children, some insurance companies also allow their clients to choose cousins and siblings as nominees. However, live-in partners cannot be nominated in life insurance policies.
Health insurance
It is also called group mediclaim policies, these plans are extended to protect both the employees and their families keeping in mind the rising costs of medical expenses. Many IT and financial services companies allow their employees to include their live-in partners to avail health insurance benefits
Mutual funds
Live-in partners can be made nominees to mutual fund schemes subject to the submission of certain documents.
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