5 replies on this article “Term insurance – incase some thing happen to both insured peron and nominee…”

1. Mahalakshmi says:

   June 29, 2011 at 9:04 pm

   Hi Manish & Ashal,

   Thanks a lot for ur responses.

   we are planning to take one term insurance. just wanted to clarify my doubts before taking that.

   I just love this blog!!!

   Regards
   Maha

   Reply
2. ashal jauhari says:

   June 26, 2011 at 7:09 pm

   Dear Nikhil, For the given condition (No will is there to fall back upon for guidance), the situation is known as Intestate. In this case, the succession certificate from the Court of Law is required. The succession certificate ‘ll be decided as per the Religion of the died couple. Hindu, Muslim, Parsi etc. At the time of awarding the Succession certificate, The court ‘ll also award the guardianship for any of the family member of the kid(s) from either paternal or maternal family.

   Thanks

   Ashal

   Reply
3. Nikhil Parchure says:

   June 26, 2011 at 9:47 am

   I was also looking for answer for this question

   In case of “Will” being not present who in the above case will be considered as Legal Guardian of the kid.

   Also can we instruct insurance companies to have a clause that like Manish has mentioned before.

   “If I and my wife die , then person X should be treated as legal guardian and should control my money with limited powers and on my child maturity , all the money should be given to him”

   Reply
4. Manish Chauhan says:

   June 25, 2011 at 11:02 am

   Mahalakshmi

   As pointed by Ashal , Will is the last source of proof , So you can create a WILL with clear directions of what should happen in different cases .

   Its always better to mention it like

   – If I and my wife die , then person X should be treated as legal guardian and should control my money with limited powers and on my child maturity , all the money should be given to him.

   manish

   Reply
5. ashal jauhari says:

   June 24, 2011 at 5:27 pm

   Dear Mahalakshmi, Your question is not silly. In fact it’s a rather intelligent one. In the situation as what you want to know, the Insurance Co. ‘ll pay the claim amount to the Legal Guardian of the kid in the absence of natural guardian (read parents). Yes to safeguard the interest of the kid, Ins. co. may ask the legal guardian to provide enough proof to prove his or her guardianship.

   In this case, the will created by the policy holder may do the tricks for early disposal of claims.

   Thanks

   Ashal

   Reply

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