a HUF ( having PAN card and last 3 ITR) through its karta has intended to take life insurance policy ( Term Plan) as per 3 different proposals( seeking sec.80C benifit)
1..in the name of Karta of HUF with nominee being other member of HUF ( being his wife)
2.. in the name of member of HUF ( Karta being proposer)with also nominee being , Karta ( being her husband)
3. . in the name of coparcner of HUF ( Karta being proposer)with also nominee being , Karta ( being his father)
as the PROPSAL's were accepted , cheques from savings bank account of HUF issued by Karta of HUF ,being encashed and POLICY DOCUMENTS issued , but despite of the MENTION of NAME of NOMINEE in the proposal forms( as above 3 cases) as proposed by HUF (through its Karta)
Insurance company ( both LIC and ICICI prulife Insurance) has kept it BLANK, .....( Nominee details)
despite of proposers requests , Insurance companies are not mentioning the name of NOMINEE,in the policy documents;
what will happaen in the EVENT of UNFORTUNATE INCIDENT ...if the Claim comes as per above 3 cases,
who can claim for INSURANCE PROCEEDS? or how Insurance company will proceed for the same ( there are very cordial good relations within HUF) can other family member can ask / or is there provison -procedure for insurance company involve other family members to SETTLE calims of HUF policies.
CAclubindia
