Section 38
Payment To Be Made To Designee
If any Life Insurance Policy Holder dies before the expiry of the term of his/her policy, the amount mentioned in such
Insurance Policy shall be paid to the person designated by him/her therein. If he/she has not designated any person or if the designee has already died, payment
_____________________________
* Amended by 1 st amendment
shall be made to any of his/her surviving related dependents as follows in the following order and if there are more than one surviving related persons in
same order with amount shall be distributed or equal share:
(a) Husband or wife of the joint family.
(b) Son, sister and widow daughter-in-law of the joint family.
(c) Father, mother (in case of the married woman father-in-law, mother-in-law).
(d) Grandfather, grandmother who have to be taken care of by him/herself and grand son, grand daughter in the line of the son.
(e) Husband, wife who is living separate.
(f) Unmarried daughter, son, widow daughter-in-law who is living
separate .
(g) Father, mother who is living separate.
(h) Step son, step daughter of the joint family.
(i) Brother, sister of the joint family.
(j) Father-in-law, mother-in-law living separate in the case of married woman .
(k) Grand son, unmarried grand daughter who living separate.
(l) Step mother who is living separate.
(m) Step son, unmarried step daughter who is living separate.
(n) Husband’s elder brother, elder brother’s wife, younger brother of the husband, wife of the husband’s younger brother in case of
married woman .
(o) Nephew, neice of joint family.
(p) Uncle, widow aunty, elder brother’s wife, and daughter-in-law of the joint family.
(q) Brother and sister who is living separate,
(r) Grandfather, grandmother, grand daughter-in-law, nephew,
neice living separately.
(s) Person living together with in insured person upto the last stage.
(2) If the person designated pursuant to Sub-section (1) dies or if the Insurance Policy Holder wants to replace him, he/she shall write to the concerned
Insurer for designating another person. The Insurer also shall have to alter the designated person according to the request of the Insurance Policy Holder and shall
provide the written notice thereof to the concerned Insurance Policy Holder.
Insurance Policy shall be paid to the person designated by him/her therein. If he/she has not designated any person or if the designee has already died, payment
_____________________________
* Amended by 1 st amendment
shall be made to any of his/her surviving related dependents as follows in the following order and if there are more than one surviving related persons in
same order with amount shall be distributed or equal share:
(a) Husband or wife of the joint family.
(b) Son, sister and widow daughter-in-law of the joint family.
(c) Father, mother (in case of the married woman father-in-law, mother-in-law).
(d) Grandfather, grandmother who have to be taken care of by him/herself and grand son, grand daughter in the line of the son.
(e) Husband, wife who is living separate.
(f) Unmarried daughter, son, widow daughter-in-law who is living
separate .
(g) Father, mother who is living separate.
(h) Step son, step daughter of the joint family.
(i) Brother, sister of the joint family.
(j) Father-in-law, mother-in-law living separate in the case of married woman .
(k) Grand son, unmarried grand daughter who living separate.
(l) Step mother who is living separate.
(m) Step son, unmarried step daughter who is living separate.
(n) Husband’s elder brother, elder brother’s wife, younger brother of the husband, wife of the husband’s younger brother in case of
married woman .
(o) Nephew, neice of joint family.
(p) Uncle, widow aunty, elder brother’s wife, and daughter-in-law of the joint family.
(q) Brother and sister who is living separate,
(r) Grandfather, grandmother, grand daughter-in-law, nephew,
neice living separately.
(s) Person living together with in insured person upto the last stage.
(2) If the person designated pursuant to Sub-section (1) dies or if the Insurance Policy Holder wants to replace him, he/she shall write to the concerned
Insurer for designating another person. The Insurer also shall have to alter the designated person according to the request of the Insurance Policy Holder and shall
provide the written notice thereof to the concerned Insurance Policy Holder.