Creating Nominee claim assistant system
Nitin Gupta
Founder & CEO @ Care Bazar | Solving Payments & Compliance issues | Engineering Leader | Ex. PayPal, Walmart & Start Up| Fintech | Payments domain| Lending | Logistics | Banking
Problem Statement:
An individual#1 performs investments in multiple financial assets* across the years. None of the system today, Depicts the complete financial portfolio of an individual for his financial assets*, that makes the nominee* handicap, while claiming the benefits in case of death of an investor (#1).
Problem Solution:
To build a system that enables an individual to provide details of legal entity*(Instead of financial assets* details), nominee* and personal (#1) details, which will be shared to nominee* in case of unforeseen scenario with proper verification. In addition, team can support the novice nominee*to help in claiming the investment benefits from legal entity*.
All Financial legal entity*are linked by Tax Identifier*. Hence If nominee aware of legal entity* & Investor (#1) Tax Identifier* then financial asset* details will be shared to nominee*, post verification of the death certificates. Post that nominee* can claim death benefits from legal entity*.
Simple representation of the objects to be stored in database.
Sequence of steps linked to Investor (#1), Proposed System, nominee* & executive is detailed here.
Definition:
- Financial Assets: A financial asset is a non-physical asset whose value is derived from a contractual claim, such as bank deposits, bonds, and stocks. Financial assets are usually more liquid than other tangible assets, such as commodities or real estate, and may be traded on financial markets.
- Source: https://en.wikipedia.org/wiki/Financial_asset
- Nominee Definition: A person who receives the benefit in case of death of the insured person is a nominee.
- Source: https://economictimes.indiatimes.com/definition/nominee
- Legal Entity: All companies whose affairs are regulated by the Corporation Act are legal entities
- Source: https://dictionary.cambridge.org/dictionary/english/legal-entity
- Tax Identifier: All companies whose affairs are regulated by the Corporation Act are legal entities
- Source:
- US: https://en.wikipedia.org/wiki/Taxpayer_Identification_Number
- India: https://en.wikipedia.org/wiki/Permanent_account_number