It is necessary to name a nominee while purchasing a life insurance policy from the insurance company. Normally a person makes his wife a nominee. Due to this, the wife gets the money of insurance after the death of the policyholder. It can also be upside down. If the wife buys a life insurance policy, she can make her husband a nominee. This system has been going on for years. In most cases, the insurance company pays the money or wife, in case of the death of a policyholder. The problem arises when a policyholder and nominee also die in an accident.
What is the rule of IRDAI?
On June 12 in Ahmedabad, the plane going to London fell victim to the accident. Many families aboard the aircraft died together. There were also some cases in which policyholder and nominee died. The question is, who will get insurance money in such cases? Insurance Regulatory and Development Authority (IRDAIAccording to the rule of), if a policyholder and nominee dies in an accident, the insurance company may assume that the nominee died after the death of the policyholder.
Legal successor can claim
Experts say that in such cases the legal heir of the nominee is considered entitled to the claim. However, the insurance company takes a decision in such cases based on the rules and conditions of the policy. However, the legal heir of the nominee is generally considered to be entitled to insurance money. The legal heir can claim for insurance money with the insurance company. The insurance company pays money after confirming evidence of the relationship between the investigating and claiming and nominee.
Class One and Class to legal heirs can claim
In the Hindu Succession Law, the legal heirs are divided into two classes. Class One legal heirs come in the first category. These include wife, son or daughter and mother. If the policyholder’s son or daughter dies, the policyholder’s grandson and grandson can claim for insurance money. If, Class 2 legal heirs are considered in class One legal heirs. These include father, brother, sister, nephew, niece.