yes sir you got exact point actually my elder brother took education loan for higher study so at the time of financing loan bank took a policy and bank didn't tell him to my brother
even bank didn't provide any document regarding policy and loan so that we could have to know about such policy .till now we don't have any paper as paper all papers are posses by bank. but i'm not blamming to bank for hiding information it may be their regular process to take policy against every loan
but my concern is about that insurance amount is much higher than their loan sanctioned and we are ready to repay their loan
i want that after settelment of loan amount remaining amount should be transferred to my father is it possible ??
whereas in policy detail asignne is mantioned as bank and no other banificiery declared(e.g. father of insured) so how father's name can be added as beneficiary of remaining amount ??
if it can be added what is the process ?? should i take agreement signed by bank that insured 's father and bank has their respected share in policy amount
as my elder brother got married just 15 days before his death
so who will get precedence first of remaining amount his wife or his father ?? because me brother's wife left our house after death of her husband and her parents broke relation with us
so can they claim for remaining amount also ??