relatin to nominee of LIC after dearth of policyholder

sampath kumar (Querist) 12 March 2011 This query is : Resolved
sir,

as per you, is nominee entitle for whole LIC amount, if not in what ratio it will be distributed

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Guest (Expert) 13 March 2011
Only nominee is entitled to claim full amount of the policy. LIC is not supposed to recognize any other claimant, except the duly appointed nominee.

Chanchal Nag Chowdhury (Expert) 13 March 2011
Nominee may not be the sole beneficiary. In this case,LIC will pay to the nominee but the wives & children will get equal shares.

G. ARAVINTHAN (Expert) 13 March 2011
is there any need to file suit for getting share?

Guest (Expert) 13 March 2011
Of course, not automatically, if the nominee does not want to share the money received from LIC. You may have to justify your claim through court.

Jitendar Kumar gupta (Expert) 13 March 2011
You have to file a suit for succession in the court claiming that first wife as well as the nominee are equally entitle to get the shares in the policy.

sampath kumar (Querist) 13 March 2011
is second wife (appointee) does not entitle for share in the LIC amount

Devajyoti Barman (Expert) 13 March 2011
No if she was married during the existence of the first marriage. If no, then she along with other legal heirs of the deceased would be entitled to it in equal share.

Jebaraj Jasper Jacob (Expert) 15 March 2011
It held repeatedly by the Apex court and other High courts that Nominee is merely a trustee and hence the nominee is not entitled to the whole claim amount. Usually in banking sector in order to avoid difficulty they insist for nomination in order to hand over the deposit amount in case of death of the account holder to the nominee. Here with regard to your query if the deceased contracted second marriage during the subsistence of first marriage then if the parties are Hindu second wife is not entitled to any share and the minor child is entitled to share.If LIC hand over the whole amount to the nominee you need not worry because the first wife and her children can file a suit and can get their share as per the succession act governing the parties. Otherwise even before disbursement of the policy amount make an objection to LIC and then file an application for issuance of succession certificate for the estate of deceased.

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