Claim of money from fd and lic policy

NILESH P KULABKAR (Querist) 07 June 2012 This query is : Resolved
MY WIFE EXPIRED IN 2009. SHE HAD INVESTED 50,000/- IN JOINT ACCOUNT WITH HER FATHER TO GET BETTER RATE OF INTEREST. FIRST NAME WAS OF HER FATHER AND SECOND NAME WAS OF HER. IT WAS A JOINT ACCOUNT. KNOW FIRST MY WIFE EXPIRED AND JUST 3 MONTHS BACK MY FATHER IN LAX EXPIRED. I HAVE PROOF THAT THIS ENTIRE AMOUNT WAS DEPOSITED BY MY WIFE ONLY. HOW TO CLAIM?

SECONDLY SHE HAD A LIC POLICY WITH NOMINATION OF HER MOTHER, WHICH WAS PURCHASED BEFORE OUR MARRIAGE. KNOW TO CLAIM THIS POLICY AMOUNT?

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ajay sethi (Expert) 07 June 2012
nomination must have been made in joint account . if you are the nominee make application to bank . if no nomination made approach bank manager . the bank will pay the money to legal heris of account holders .

In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the bank's board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities

as fr as LIC plicy is convcerned on your wife detah the proceeds will go to her mother as per the nomination made by your wife . the nominee will be a trustee for legal heirs

Adv. Chandrasekhar (Expert) 07 June 2012
get a succession certificate from the competent court making bank and LIC as respondents along with other legal heirs as co-respondents. the money will be distributed ammongst legal heirs as per law.