(1)

Notwithstanding anything to the contrary contained in any contract between any person and an insurance agent providing for the forfeiture or stoppage of payment of renewal commission to such insurance agent, no such person shall, in respect of life insurance business transacted in India, refuse payment to an insurance agent of commission due to hi m on renewal premium under the agreement by reason only of the termination of hi s agreement, except for fraud:

Provided that—

(2)

Any commission payable to an insurance agent under the provisions of clauses (b) and (c) of the proviso to sub-section (1) shall, notwithstanding the death of the agent, continue to be payable to hi s heirs for so long as such commission would have been payable had such insurance agent been alive.