9911796707
TMI Blog1961 (10) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... the 10th April of the year immediately preceding the expiry of thirty years from the date of the commencement of the insurance, or, off his prior death, to him, or "his Nominees, Executors, Administrators, Assigns or other Representatives, as the case may be," subject to proofs being given of the title of the claimants to the policy. Under Section 39 of the Insurance Act the assured nominated Mannu Lal as his nominee. Thus under the policy, the Insurance Company bound itself to pay ₹ 5,000/- to the assured) if the remained alive for thirty years, and to Mannu Lal, if he died before completing thirty years. He died within a short period leaving Mannu Lal, and the appellant, his widow. Before the Insurance Company could pay t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him should not make any difference to the respondent and cannot confer any title upon the appellant to receive it. According to the policy the money was to be paid to the assured, it he remained alive for the full period of thirty years, or to his nominees, executors, administrators, assigns or other representatives, if he did not. Since he did not remain alive for the full period of thirty years, it was to be paid to his nominees, executors, administrators, assigns or other representatives-He had nominated Mannu Lal and so it was to be paid to him and not to any executor, administrator, assign or other representative. The conjunction ''or" joining the words "Nominees", "Executors" etc., shows that it is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the insurance company must pay the money in the event of his death to his nominee. The money become payable to the nominee on the death of the assured, and, if the nominee happens to die before actually receiving it, it must naturally be paid into his estate. Sub-section (5) provides that where the nominee dies, before the policy matures for payment, the amount will be payable to the assured or his heirs, or legal representatives, or the holder of a succession certificate, as the case may be. 'This provision evidently makes a distinction between a nominee dying before the policy matures and a nominee dying after it matures but before receiving the payment; in the former case the money will be payable to the assured or his heirs or le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ives of A. We are also referred to the decisions in (a) Krishna Lal v. Promila Bala Dasi, AIR 1928 Cal 518 in which it was held that a nominee is not entitled to enforce his claim against the insurer because he was no party to the contract of insurance and the policy money farmed part of the assets of the assured and was liable for his debts; (b) Mohanavelu Mudaliar v. Indian Insurance and Banking Corporation Ltd., Salem, (S) AIR 1957 Mad 115 laying down that as in England and America a nominee is no more than an agent to receive the money and that it remains the Property of the assured and on his death forms part of his estate, (c) Brahmamma v. Venkataramana Rao, AIR 1957 Andh Pra 757 laying down that an assured continues to have interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately preceding his death. As we pointed out, it is only when there is no nominee that it is payable to his executor or administrator, assign or other representative. The right to proceeds of life insurance policies is governed by the provisions of the policy under the law of contracts: vide 46 Corpus Juris Secundum "Life Insurance'' para 1154. In para 1157 it is said that the proceeds of a life insurance policy in which a third person is a nominee as a beneficiary being exclusively to him as an individual, and are not the property of the heirs or next of kin of the assured and generally defect constitute any part or asset of his estate. In para 1158 it is emphasised that when the proceeds are payable to the heirs of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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