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A nominee and a beneficiary are two different terms which in some cases can be the same person.

Who is a nominee? 

A nominee is a person who is appointed or nominated by the insured person so that he/she can look after his/her assets, financial accounts, funds, trust, etc after their death. Hence it is the responsibility of the nominee to hand over the proceeds among the legal heirs.

Who is a beneficiary?

Whereas a beneficiary is a person who gains financial benefits on your death. A beneficiary can either be your offspring or financially dependent family members like your spouse, aging parents, siblings, etc. A beneficiary can also be a financial institution like a bank who has given you a loan or other finance.

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