Hi,
When a person files for Insolvency or a court orders a decree, are the following investments forms a part of Insolvent estates/court decree,
1.Individual Retirement plans ,Like LIC of India issued Jeevan Akshay VI - An Immediate annuity plan, which does not have any surrender value/ no loan facility / not assignable to any Financial Institutions like Banks ,but only after the death the annuity purchase price will goes to nominee.
2.Children deferred Educational policies purchase from LIC of India,where the policy clause states that the benefits from this polciy should be utilised only for Kids benefits.
3.Postal Life Insurance
4.Public provident fund
5. Monthly Pension earned through Individual retirement accounts, as explained in SL No.1
The advise will help public ,specially business people (Proprietorship businesss people) to plan for unfortune events.
Thanks
Rajesh
