If You Took Up An Insurance Policy Before July 2002, Please Read On

Many might not have known, nomination of beneficiaries before July 2002 in most insurance proposal has no legal effect if it is for the benefit of person(s) other than spouse and/or children. And if you have named your spouse and/or children, an implicit trust under Section 73 of the Conveyancing and Law of Property Act, which means this interest could not be revoked by the insured. To help you better understand the scenerio; Eg.