Inurance-
Anil P. Malani
(Querist) 09 March 2012
This query is : Resolved
A is a Manager of Hindu joint family and for better future of family he purchased some polices of LIC in his name as well as his brothers name and payment of all the polices paid through joint family income. Now A is died and LIC make the payment of policy to Nominee i.e. brother of A, now the wife of A filed suit for recovery of policy money. Mean while nominee is used the policy money for joint family.
Whether suit is maintainable?
Whether source can consider for insurance policy?
any citation on same situation
V R SHROFF
(Expert) 09 March 2012
AS NO INFORMATION SUBMITTED TO LIC::
A'S WIFE FILED SUIT FOR RECOVERY OF MONEY
suit is maintainable.
source was not informed to LIC, in lifetime of insured person. cannot be considered.
WIFE WILL SUCCEED.
Adv.R.P.Chugh
(Expert) 09 March 2012
Though I am not aware of any citations, I feel source should be relevant - when the premiums were paid through the Joint Family Business proceeds - there is no reason why the policy amount should go to the Family through the next Karta i.e the next brother/also the nominee. Though it would be hard proving the source of money, the fact that the nominee named was the other brother - may lead to the inference that it was held for the benefit of the joint family.
Shonee Kapoor
(Expert) 09 March 2012
Beneficiary (Not Nominee) in case of Insurance policy alone would get the proceeds, no matter how many proofs exist against it.
Even if the husband and wife are in legal battles or divorced and wife is a beneficary, and the same has not been changed, she would get the money.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
