https://www.taxtmi.com/caselaws?id=168436 A valid nomination under section 39 of the Insurance Act, 1938 was treated as a self-contained statutory disposition of life insurance proceeds. Where the nominee survives the assured, the policy money is payable to that nominee in his or her own right as a statutory beneficiary, and the legal heirs take only if no valid nominee exists. The nomination was held not to be a mere authority to collect funds, nor to create a trust or agency for the heirs. The heirs and creditors therefore cannot claim the amount against the surviving nominee. en-us Tue, 07 Apr 1981 00:00:00 +0530 Mon, 04 May 2015 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168436 A valid nomination under section 39 of the Insurance Act, 1938 was treated as a self-contained statutory disposition of life insurance proceeds. Where the nominee survives the assured, the policy money is payable to that nominee in his or her own right as a statutory beneficiary, and the legal heirs take only if no valid nominee exists. The nomination was held not to be a mere authority to collect funds, nor to create a trust or agency for the heirs. The heirs and creditors therefore cannot claim the amount against the surviving nominee. Case-Laws Indian Laws Tue, 07 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168436