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Mr.Somnath S Mane
3 years ago
Can bank relese LIC Policy and Deposit Receipt to legal heres or nominee kept as colatteral security for his own personal loan which is totally repaid , even he stood gurantor to another housing loan which is defauled by 18 month,
A.Dear Sir,
Normally it will be given to nominee.
Normally it will be given to nominee.
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Ankur Goel @ Complete Law Shield
Responded 3 years ago
A.LIC can release but if the defaulted loan is also by LIC then they can hold and can claim from court.
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A.Yes, bank release LIC Policy and Deposit Receipt to legal heirs or nominee kept as collateral security.
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ADV. ANISH PALKAR (High Court)
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ADV. ANISH PALKAR (High Court)
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A.Hi,
Since you haven't mentioned whether the person taking loan is alive or not, the policy will be released by the bank and transferred to legal heirs by the LIC upon repayment of loan, and if the person is alive, the bank will release the documents to him only.
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Since you haven't mentioned whether the person taking loan is alive or not, the policy will be released by the bank and transferred to legal heirs by the LIC upon repayment of loan, and if the person is alive, the bank will release the documents to him only.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Bank will just release the LIC Policy and deposit receipt after repayment of loan. It will be transferred itself by insurance company to legal heir of the deceased. Regarding default in loan as guarantor, bank will file a case, after checking his property, bank will claim the loan as permitted by court.
If you like my answer, please rate me.
Bank will just release the LIC Policy and deposit receipt after repayment of loan. It will be transferred itself by insurance company to legal heir of the deceased. Regarding default in loan as guarantor, bank will file a case, after checking his property, bank will claim the loan as permitted by court.
If you like my answer, please rate me.
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