https://www.taxtmi.com/caselaws?id=168430 A nomination under section 39 of the Insurance Act, 1938 gives the nominee only a right to receive and collect insurance proceeds from the insurer. It does not confer any beneficial, proprietary, or title interest in the policy money, because the policyholder retains ownership of the policy during life and the proceeds remain part of the deceased assured's estate. Accordingly, where the policyholder dies, the legal heirs or legal representatives are the rightful claimants to the insurance money, and the nominee cannot assert ownership in his own right. en-us Tue, 22 Feb 1977 00:00:00 +0530 Fri, 27 Feb 2015 18:48:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168430 A nomination under section 39 of the Insurance Act, 1938 gives the nominee only a right to receive and collect insurance proceeds from the insurer. It does not confer any beneficial, proprietary, or title interest in the policy money, because the policyholder retains ownership of the policy during life and the proceeds remain part of the deceased assured's estate. Accordingly, where the policyholder dies, the legal heirs or legal representatives are the rightful claimants to the insurance money, and the nominee cannot assert ownership in his own right. Case-Laws Indian Laws Tue, 22 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168430