Term insurance – incase some thing happen to both insured peron and nominee…

POSTED BY Mahalakshmi ON June 24, 2011 11:02 am COMMENTS (5)

Hi All,

This qn may sound silly, just out of curiosity i am asking  Mr.X takes insurance policy and nominates is wife Mrs.X.they have a kid 2 yr old. what will happen if something happens to both MR.X and his wife. who will get the money and how? 

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

  1. Mahalakshmi says:

    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

  2. ashal jauhari says:

    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

  3. Nikhil Parchure says:

    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”

  4. 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

  5. ashal jauhari says:

    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

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join 1,60,000 email subscribers

FREE Video Lessons directly in your email daily

144 page PDF ebook with best articles from Jagoinvestor

Get future articles directly on your mailbox + updates


6 PART VIDEO COURSE

FREE 

 

 

Check your Email and Click on the Confirmation Link

Join 1,60,000 email subscribers

FREE Video Lessons directly in your email daily

144 page PDF ebook with best articles from Jagoinvestor

Get future articles directly on your mailbox + updates


6 PART VIDEO COURSE

FREE 

 

 

Check your Email and Click on the Confirmation Link