Report No. 82
6.1. Desirability of amendment.-
In view of what we have stated in the earlier Chapters, we recommend that the nominee (if he survives the insured at the date of maturity of the policy and if he is a parent, spouse or child of the holder of the policy of life insurance), should be beneficially entitled to the amount secured by the policy.1 The reasons justifying such an amendment have been already mentioned earlier, but may be recapitulated for convenience-
(a) Such as amendment would carry out the real intention of the parties.2
(b) It would be desirable from the point of view of social justice.3
(c) The Legislature has, in several enactments connected with provident funds4 and the like,5 accepted the principle of social justice referred to above and has made provisions conferring beneficial rights on the nominee. There is no need to treat amounts due under a life insurance policy differently from, say, amounts placed in a provident fund in this respect in the case of relatives belonging to the class mentioned above.
1. This is subject of para. 6.7, infra.
2. Para. 3.6, supra.
3. Para. 3.6, supra.
4. Para. 4.2, supra.
5. Chapter 4, supra.