https://www.taxtmi.com/caselaws?id=168437 A nominee under a life insurance policy acquires no present or vested interest during the policy-holder's lifetime because nomination under the Insurance Act is only a power to receive payment on death, unlike assignment which transfers the assured's interest inter vivos. The policy-holder retains title and control, including the ability to cancel or change the nomination, so the nominee is merely authorised to collect the proceeds. On that basis, the policy amount payable on the insured's death forms part of the deceased's estate and may be reached by creditors. The nominee may be impleaded as a legal representative for execution purposes. en-us Wed, 27 Oct 1971 00:00:00 +0530 Sat, 28 Feb 2015 14:07:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168437 A nominee under a life insurance policy acquires no present or vested interest during the policy-holder's lifetime because nomination under the Insurance Act is only a power to receive payment on death, unlike assignment which transfers the assured's interest inter vivos. The policy-holder retains title and control, including the ability to cancel or change the nomination, so the nominee is merely authorised to collect the proceeds. On that basis, the policy amount payable on the insured's death forms part of the deceased's estate and may be reached by creditors. The nominee may be impleaded as a legal representative for execution purposes. Case-Laws Indian Laws Wed, 27 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168437