sitharthan (teacher) 23 March 2012

Insurance benefit

SIR /MADAM,

WELL & EXPECTING THE SAME . I AM WORKING AS A TEACHER. MARRIED.

RECENTLY MY SISTER DIED DUE TO DAUWRY HAURASSMENT. I AM TAKING CARE OF HER DAUGHER AGED 8 YEARS. I WOULD LIKE TO INVEST IN LIC OR INSURANCE ANY OTHER MODE . POLICY HOLDER IS MYSELF & NOMINEE MY SISTER'S DAUGHTER ,APPOINTEE:MY MOTHER. IN CASE OF MY ABSENCE /DEATH , THE DEATH BENIFIT WILL GO TO MY SISTER'S DAUGHTER OR MY WIFE ? I HAPPENED TO KNOW THAT IT WILL GO TO MY WIFE ONLY .IN CASE OF MY ABSENCE /DEATH , THE DEATH BENIFIT SHOULD GO TO MY SISTER'S DAUGHTER ONLY.WHAT TO DO .PLS HELP OR REPLY. MY EMAIL:sithu2000@rediffmail.com

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4 Replies

S.K.Maanav (International President International Hindu Personal Law Board) 23 March 2012

the benefit will b limited for the policy only, your wife/children will be your successor in all other property . you may prepare a will n get it registered to avoid dispute in family in future.

sridhar pasumarthy (ADVOCATE) 23 March 2012

Nominee is only a hand to recieve the amount in case of death. But, the actual beneficiaries are the legal heirs according to law.

If u wish to make ur sister's daughter to recieve the death in case of risk, execute a Will to the said effect.

Kumar Doab (FIN) 23 March 2012

Assignment overrules nomination. In case of life insurance assignment to blood relation can be executed by “love and affection". LIC shall provide the model language for assignment deed, procedural details.

As suggested by learned experts/members will (registered/probated) is also option.