https://www.taxtmi.com/caselaws?id=168426 The court clarified that a nominee under section 39 of the Insurance Act, 1938, does not acquire a beneficial interest in the life insurance policy during the policyholder's lifetime. The nominee's role is limited to receiving the amount on behalf of the legal heirs, and the policy amount forms part of the policyholder's estate upon their death. The court overturned previous judgments that misinterpreted section 39 and ruled in favor of the legal heirs, entitling them to a share in the insurance amount and interest earned. The appeal was allowed, and the plaintiffs were granted a 1/3rd share each, with costs allocated accordingly. 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 The court clarified that a nominee under section 39 of the Insurance Act, 1938, does not acquire a beneficial interest in the life insurance policy during the policyholder's lifetime. The nominee's role is limited to receiving the amount on behalf of the legal heirs, and the policy amount forms part of the policyholder's estate upon their death. The court overturned previous judgments that misinterpreted section 39 and ruled in favor of the legal heirs, entitling them to a share in the insurance amount and interest earned. The appeal was allowed, and the plaintiffs were granted a 1/3rd share each, with costs allocated accordingly. Case-Laws Indian Laws Tue, 06 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168426