Can I ensure that my grandson, who is five years old now, is the sole beneficiary of a policy when he turns 18?
You could consider setting up a trust, which will ensure that the money is available to him when he turns 18
Can I ensure that my grandson, who is five years old now, is the sole beneficiary of a policy when he turns 18?
John Davis, Bengaluru
You could consider taking a single premium policy, which are insurance policies that will mature only when your grandson turns 18. Until then, the policy will be managed by his guardians, who can liquidate the policy by surrendering it. So, there is no clear or foolproof manner through an insurance policy that you can make sure that the money reaches your grandson when he turns 18. You could consider setting up a trust, which will ensure that the money that you envisage for your grandson, is available to him when he turns 18.