https://www.taxtmi.com/caselaws?id=766985 Amended nomination under Section 39 of the Insurance Act, 1938 does not, by itself, create absolute ownership in favour of the nominee or exclude heirs under succession law. The provision's special category of nominees for parents, spouse and children was read in light of the insurance scheme, legislative materials and the settled rule that nomination ordinarily does not displace succession. The expression "beneficial interest" was treated as operating only where legal heirs do not assert a claim to the policy proceeds. Accordingly, the nominee's entitlement remains subject to competing succession rights, and the heirs prevail when they claim the proceeds. en-us Thu, 20 Feb 2025 00:00:00 +0530 Sat, 08 Mar 2025 08:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766985 Amended nomination under Section 39 of the Insurance Act, 1938 does not, by itself, create absolute ownership in favour of the nominee or exclude heirs under succession law. The provision's special category of nominees for parents, spouse and children was read in light of the insurance scheme, legislative materials and the settled rule that nomination ordinarily does not displace succession. The expression "beneficial interest" was treated as operating only where legal heirs do not assert a claim to the policy proceeds. Accordingly, the nominee's entitlement remains subject to competing succession rights, and the heirs prevail when they claim the proceeds. Case-Laws Indian Laws Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766985