https://www.taxtmi.com/caselaws?id=168426 A nomination under section 39 of the Insurance Act, 1938 gives the nominee only the right to receive life insurance policy proceeds and does not transfer beneficial ownership in those proceeds. The Court held that the nomination operates as a direction to the insurer for valid discharge on payment, but it does not create a third mode of succession or a statutory testament. The policy amount therefore remains part of the deceased assured's estate and is governed by the applicable law of succession. The view of the Delhi High Court was overruled, and the contrary interpretation of the other High Courts was approved. en-us Tue, 06 Dec 1983 00:00:00 +0530 Fri, 27 Feb 2015 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168426 A nomination under section 39 of the Insurance Act, 1938 gives the nominee only the right to receive life insurance policy proceeds and does not transfer beneficial ownership in those proceeds. The Court held that the nomination operates as a direction to the insurer for valid discharge on payment, but it does not create a third mode of succession or a statutory testament. The policy amount therefore remains part of the deceased assured's estate and is governed by the applicable law of succession. The view of the Delhi High Court was overruled, and the contrary interpretation of the other High Courts was approved. Case-Laws Indian Laws Tue, 06 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168426