Insurance claim money of a deceased director

Rohan Kulkarni (Querist) 02 October 2013 This query is : Resolved
Dear Sirs,
In continuation with the previous query , I would like to ask can insurance claim money which comes to legal heirs of a deceased person is considered as inherited property. If the deceased person was a director of a private limited company which is operational but in debt (with NPA account )and given a personal guarantee for the company, can bank claim this insurance money at the event of liquidation of the company? (in future or recent future )

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Phani Kumar. D (Expert) 03 October 2013
Sir,
What ever the MACT (Motor Vehicle Accidents Claims Tribunal) awards any amount to the legal heirs, it is treated as Compensation to the legal heirs. Unless un-till it is treat as compensation amount, no other person can not claim on any manner. Any Person, company or even govt. can not recover that amount for recovery of debt.

Rohan Kulkarni (Querist) 04 October 2013
The insurance claim is of personal life insurance policies in the name of deceased director.

Sudhir Kumar, Advocate (Expert) 05 October 2013
on which thread you stated facts of the case.

Sudhir Kumar, Advocate (Expert) 05 October 2013
experts willing to respond connect

http://www.lawyersclubindia.com/experts/liability-on-legal-heirs-after-diseased-director-of-PVT-LTD-CO--424556.asp#.Uk97r1PQyVE

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