Section 127: Person Entitled to Get Payment

1) In case of the death of any insured before making the payment of the claim under a life insurance policy, the amount prescribed in the insurance policy shall be received by the person nominated by the concerned insured in an insurance policy.

2) In case no one has been nominated by the insured or the nominated person has already died before the death of the insured, such amount shall be received by the beneficiary of the insured as per the prevailing laws.

3) Notwithstanding anything mentioned in sub-sections (1) and (2), if the insured has provided authority to someone, the right of priority to obtain the insurance claim to the extent of the authorised amount shall be secured to the person who has been authorised by the insured.