- This topic has 18 replies, 8 voices, and was last updated 1 year, 3 months ago by
.
-
Posts
-
-
K**It’s been 25days since my father has passed away and we obtained the Death Certificate last week and are planning to notify LIC of India.**
**Meanwhile, today, we got a call from a bank manager who is a family friend of ours, under whose bank branch my father has 30Lakhs loan, he informed us about the loan EMI/Interest on that and know about why didn’t we yet intimate LIC, even after he telling us repeatedly.**
**I was kinda under the impression that there was time, & we could intimate soon enough. But he being agressive about it kinda felt odd. For which, I called up Customer care of LIC, and they said it’s not too late to intimate to LIC. NOW I’M CONFUSED.**
-
-
KIt’s not the LIC manager who called me, It was another bank manager, under whose bank my dad has a loan.
-
-
SBank manager probs looking for you guys to cash out the life insurance policy from LIC, as they can’t recover loans from insurance money they’ll likely start pressuring you after you get the money. Don’t fall for it you’re not liable to pay for your father’s loan but if there’s a collateral which is most likely that might be seized , so carry forward things with your entire family , don’t sign anything.
-
KMy uncle says the same thing, and yes there’s a collateral attached to that loan and the manager said the loan is business loan and doesn’t have a insurance on it. So, yea the things are complicated.
-
SIt’s a business loan , so what’s the collateral is it the office space? Are there more partners ? If yes is it a relative?
-
-
SThe bank will auction off the property if you don’t pay that loan , If you don’t want the property it’s alright if you repaid 14L out of 30L they’ll recover 16L and give you the rest of the money if the property is worth more if not they’ll settle with whatever money they recover from selling that.
-
-
-
-
-
-
-
-
-
-
-
UIntimation and proof submission are two different things.
Few insurers, if my memory serves right, have this window of 7 days for intimation.
The branch manager gave you advice in good faith.
In the case of paperwork, never remain under the impression. Just confirm. Saying this because you will have a lot of paperwork to do.
-
-
UOne can just drop a mail to notify. The death certificate is not required for notification.
It was LIC so 25 days were ok. There are companies which will not pay if you do not inform them in 7 days.
As you are taking over things, there will be a lot of paperwork. Be thorough with them. Thats a suggestion my friend.
-
-
-
-
-
