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CommonMann (Software Professional)     20 September 2010

LIC Policy

Husband purchased LIC policy against wife' name and he is the nominee. Husband paid nearly  3 installments on yearly basis. Now divorce is almost done. So just want to know the amount that has been locked in for LIC policy, can husband get that amount back on the basis of divorce. What is the procedure for this?


 3 Replies

Tajobsindia (Senior Partner )     20 September 2010

1. I think Specific Performance Application will set in clarity here but then you may be asked to meet the 10% fees !

2. Was your matter under Family Court Act or under regular Matrimonial Court ?

CommonMann (Software Professional)     20 September 2010

Currently matter is in Family court. We have gone for Mutual consent Divorce and 1 month is remaining for 2nd motion.

Tajobsindia (Senior Partner )     20 September 2010

Than in that case;

1. In my restricted opinion (cross check with your Lawyer) this should have been included as one of the Cluases in the Agreement of MCD !

2. However, sicne second motion is 2 months away (again cross check with yoru lawyer) file an IA U/s 7 (1) (c) R/w S. 10 FCA, 1984 for disposal of properties of the parties and or either of them. Prayer could be to deduct the amount you paid  towards premium and renouncing Nomination to party of her choice.

Seems some tricky sips between cup and lips situation emerging :-)

My heart somehow is still on putting a Specific Performance Application post MCD but still get this too verified.

[BTW, do educate me too on the outcome on this matter.]

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