Liability if credit card holder dies

Querist : Anonymous (Querist) 28 July 2020 This query is : Resolved
What happens if any credit card holder dies with a liability of Rs.40,000/-? Is it correct that every credit card has a life insurance of Rs. 1,00,000? If yes provide me the ruling or citation if any.

Follow Query

Report Abuse

Rajendra K Goyal (Expert) 28 July 2020
Find out whether there existed any life cover on the said credit card.

After the death of any borrower the loan can be recovered from the property / assets of the deceased.

Shilesh Patel (Expert) 28 July 2020
Find out the information at the stated credit card's bank.

Isaac Gabriel (Expert) 29 July 2020
Surety.could be proceeded against as enters the shoes of the borrower/credit card holder.

Dr J C Vashista (Expert) 29 July 2020
The terms and conditions of issuance of laon against credit card contain rules on the subject matter, however, the bank shall recover the outstanding amount from estate of the deceased borrower otherwise liability of guarantor shall be invoked.

Sudhir Kumar, Advocate (Expert) 29 July 2020
please give full facts of the case.

P. Venu (Expert) 29 July 2020
What are the facts, if any?

Rajendra K Goyal (Expert) 29 July 2020
You have not mentioned as to which Bank / institution credit card is it. Some Banks provide insurance cover on debit card also. You can know the exact position regarding said credit card from their call center / toll free no.

A. A. JOSE (Expert) 29 July 2020
Please state complete details like name of Bank, Guarantor if any, any notice received by Guarantor or legal heirs,etc

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Ask Query
Unanswered Queries