Please also note that as per Insurance Laws (Amendment) Act, 2015, following new changes has been brought:

1. In case nominee(s) survive the person whose life is insured, the amount secured by the policy shall be paid to such survivor(s).

2. Where the policyholder whose life is insured nominates his
a. parents or
b. spouse or
c. children or
d. spouse and children
e. or any of them


the nominees are beneficially entitled to the amount payable by the insurer to the policyholder unless it is proved that policyholder could not have conferred such beneficial title on the nominee having regard to the nature of his title.

3. If nominee(s) die after the policyholder but before his share of the amount secured under the policy is paid, the share of the expired nominee(s) shall be payable to the heirs or legal representative of the nominee or holder of succession certificate of such nominee