Question: My life insurance policy matured, but the policyholder died before the insurer made payment. Who is entitled to the proceeds?
Answer: The nominee is entitled to the proceeds and benefits of the policy.

Supporting evidence:
title: noc.irdai.gov.in/Insurance%20Act,1938%20-%20incorporating%20all%20amendments%20till%2020212021-08-12.pdf
quote: Where a policyholder dies after the maturity of the policy but the proceeds and benefit of his policy has not been made to him because of his death, in such a case, his nominee shall be entitled to the proceeds and benefit of his policy
context: payable to the heirs or legal representatives of the nominee or nominees or the holder of a succession certificate, as the case may be, and they shall be beneficially entitled to such amount.
(9) Nothing in sub-sections ( 7 ) and ( 8 ) shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of life insurance.
(10) The provisions of sub-sections ( 7 ) and ( 8 ) shall apply to all policies of life insurance maturing for payment after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015).
(11) Where a policyholder dies after the maturity of the policy but the proceeds and benefit of his policy has not been made to him because of his death, in such a case, his nominee shall be entitled to the proceeds and benefit of his policy.
(12) The provisions of this section shall not apply to any policy of life insurance to which section 6 of the Married Women's Property Act, 1874 (3 of 1874), applies or has at any time applied:

ASSGNMENT OR TRANSFER OF POLICIES AND NOMINATIONS

Provided that where a nomination made whether before or after the commencement of the Insurance Laws (Amendment) Act, 2015 (5 of 2015), in favour of the wife of the person who has insured his life or of his wife and children or any of them is expressed, whether or not on the face of the policy, as being made under this section, the said section 6 shall be deemed not to apply or not to have applied to the policy.

SPECIAL PROVISIONS OF LAW

Explanation. -For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.]
46. Application of the law in force in India to policies issued in India. -The holder of a policy of insurance issued by an insurer in respect of insurance business transacted in 1 [India] after the commencement of this Act shall have the right, notwithstanding anything to the contrary contained in the policy or in any agreement rela