To earmark your policy moneys to a specific person

Nomination is not the answer. Nominee has no right on policy money. It belongs to legal heirs of the policyholder. If you absolutely assign your policy to (for example) your daughter she becomes the owner of the policy from the moment you put your signature on the assignment and get it witnessed. You have no role thereafter.

But you can conditionally assign the policy to your daughter in which case you continue to be the owner of the policy  as long as you are alive and you can get all the benefits under the policy including maturity claim. However the moment you die the daughter becomes the owner of policy moneys. No one else has any right on the policy moneys.

So the best way to earmark the policy moneys (on one’s death) to a specific beneficiary is to conditionally assign the policy to him/her.

Key words:
Life insurance
Nomination
Absolute assignment
Conditional assignment