https://www.taxtmi.com/caselaws?id=446680 After the 2015 amendment to Section 39 of the Insurance Act, a nominee who is outside the specified class of parents, spouse and children does not become a beneficiary nominee merely by nomination. A brother named in a life insurance policy could therefore receive the policy amount only as a nominee, while the underlying entitlement remained with the legal heirs where succession rights applied. The amended scheme also indicates that receipt by the nominee does not defeat the substantive claim of heirs. On this basis, the widow and child, as Class I legal heirs, were recognised as entitled to the policy proceeds. en-us Mon, 16 Oct 2023 00:00:00 +0530 Sat, 09 Dec 2023 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446680 After the 2015 amendment to Section 39 of the Insurance Act, a nominee who is outside the specified class of parents, spouse and children does not become a beneficiary nominee merely by nomination. A brother named in a life insurance policy could therefore receive the policy amount only as a nominee, while the underlying entitlement remained with the legal heirs where succession rights applied. The amended scheme also indicates that receipt by the nominee does not defeat the substantive claim of heirs. On this basis, the widow and child, as Class I legal heirs, were recognised as entitled to the policy proceeds. Case-Laws Indian Laws Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446680