Nomination provides for a simple way for payment of policy amount to a person without any hassle in case of the death of the life assured. In the present case, since you have been named as the nominee, you would be entitled to receive the entire policy amount. But remember that the nominee does not receive the money in one’s individual capacity. He does not have any right to whole or part of the claim amount. He just has the right to give a valid discharge to the insurance company and to hold the whole money on behalf of those who are entitled to it.

So, after receiving the policy amount, you will have to hand it over to the legal heirs of your aunt who actually have the right to that money.