Suicide of lic policy holder

The policyholder has not committed suicide in 1st year of the policy.

The T&C in the policy schedule be examined and then related with IRDA guidelines, Insurance Act.

LIC is under the purview of RTI Act. It won't commit transgression.

The nominee can lodge claim. Death certificate issued by competent authority e.g. MC shall be required.

Contact the agent or CRM section in Branch of LIC. They are duty bound to guide.

The claim process is also maintained on website of LIC.

Similarly proceed for LI policies from other companaes too.

Min the funds in the policy account are to be paid.

Suicide of a family member is one of the most disheartening situations any family can encounter. This incident could also complicate the process of claiming the life insurance benefits. But the question whether an insurance company will grant the insurance benefits to the recipients will be hinge on clauses in the policy. There are instances when a policy's suicide clause holds back the redemption of the benefits. Sometimes the policy holder does not easily recognize this clause concerning suicide because some policies use languages like 'intentional self-destruction" or " death by one's own hand " to describe the act.

Thank you sir for your kind answer to my querry it will verymuch helpful to me to help my friend's perents 

Thank you sir for your kind answer to my querry it will verymuch helpful to me to help my friend's perents 

There are a number of things to be considered. You are saying that there are 12 policies all taken 5 years ago and all from LIC. There must be a police report saying that they have recorded the case as one of suicide and closed the case.

Now there are a number of insurance companies, most of them private. It is mandatory that when taking a later policy, the insurance company should be given complete information about all previous policies. If the information was not given the company can refuse to give the policy amount.

It is felt that the exclusion criterion is for suicide is for first 2Y of the policy.

During these 2Y company may refund the premium paid only.

After first 2Y of the policy the company shall pay amounts held in the policy a/c regardless of the manner of death.

After 2Y other tantrums usually adopted by the companies may also not hold good.

However relate with T&C as in each policy schedule and guidelines by IRDA……

Dear sir,

Just before 2 days back we come know the reason of his suicide ,

he got personal loan  &  Credit card debt as below

1) HDFC-7lac & 1.25 lac out of that he paid 8 installments and 20installments

2) Citi Bank 7 lac out of that he paid 8 installments

3) Fullerton india : 3 lac out of that he paid 6 installments.

4) Credit Card : Citi : 118000/- HDFC: 58000/- and ICICI Bank : 50000/-

what will be the lenders action on that will they takeover whatever amount suppose his mother will get.. 

also he got health problem also may due to that he has been sueicided he got kindney problem Called collapsing Glomerulopathy which irrecoverable

medicine and also he was got detected HIV+ in July 2013.

What will be scenario in this case i really don't understand how to help his perents.

when i went to meet them they were also saying that they also want to get sueicide..

REgards

Mahendra

Dear sir,

Just before 2 days back we come know the reason of his suicide ,

he got personal loan  &  Credit card debt as below

1) HDFC-7lac & 1.25 lac out of that he paid 8 installments and 20installments

2) Citi Bank 7 lac out of that he paid 8 installments

3) Fullerton india : 3 lac out of that he paid 6 installments.

4) Credit Card : Citi : 118000/- HDFC: 58000/- and ICICI Bank : 50000/-

what will be the lenders action on that will they takeover whatever amount suppose his mother will get.. 

also he got health problem also may due to that he has been sueicided he got kindney problem Called collapsing Glomerulopathy which irrecoverable by medicine and also he was got detected HIV+ in July 2013.

What will be scenario in this case i really don't understand how to help his perents.

when i went to meet them they were also saying that they also want to get sueicide..

REgards

Mahendra

Now the issue is made clear by you.

The deceased had taken enough loans before he committing suicide.

Personal Loan, CC outstanding are not secured loan.

RBI issues guidelines to approach Lok Adalat……………….for such loan/debt.

Let the nominee in each policy submit claim for each policy.

Estate is inherited. Debt is not inherited.

The lenders can at the most plead to recover from estate of the deceased inherited by legal heir.

In case of issues the legal heir may approach their lawyer.

Dear Sir,

Thank you for your kind answer which will help me to help my friends parents.

Regards

Mahendra

Dear sir,

one more query my friend has his PF in that his nominee is mother only ... can bank claim on the PF ?

regards

Mahendra

PF is immune from attachment.

Do not give a/c of the lender banks for credit of PF in bank a/c.

Supreme Court of India

Radhey Shyam Gupta vs Punjab National Bank & Anr. on 4 November, 2008

https://indiankanoon.org/doc/1790038/?type=print

25……………….” We also agree ……….. that even after the retiral benefits, such as pension and gratuity, had been received by the appellant, they did not lose their character and continued to be  22

covered by proviso (g) to Section 60(1) of the Code.”

You may go thru an interesting thread at:

https://www.lawyersclubindia.com/forum/details.asp?mod_id=90740&offset=2#.Unz3zHCAqWM

The deceased has unpaid huge amounts of the banks/lenders.

The lenders although are under code of conduct still they shall apply everything within their reach to collect the lent amounts.

You have a complicated issue at hands.

Online discussions have its won limitations.

Approach a competent and experienced local lawyer, show all documents, give inputs in person and proceed under expert advice of the lawyer.

The lawyer that has seen all of your docs and has analyzed the inputs can advice you the best.