Death claim for bank deposit & ulip
Hello !my question is regarding ulip & nomination in bank fixed deposit.my sister got married 18 yrs back ,after 2yrs ababy girl was born during this time her kidney failed &it was her own mother who donated one of her kidney .after this her husband started to quarrel & made her life very difficult so she went back to her mother home.after 6-7 yrs her husband filed for divorce in district court which was rejected ,again he filed in high court & was rejected again .in the mean time she had made some saving and asked me for investment advice ,itold her to go to a bank( hdfc) &deposit in fixed deposit .2yrs later her health deteriorated & asked about her investment.on studying it ,I came to know that it was not a bank fixed deposit but a ulip with a yearly premium of 50000 and paying term 5yrs.i asked her how she can take insurance with her medical history.she told that she had informed the bank official (agent)about her medical condition & he in fact adviced her to invst in the plan,then I went to the bank but that particular agent left the job.The I told the whole fact to one of the bank official &I asked for redemption ,which he said was not possible then I said to stop paying the premium, & he replied we would lose all the invested amount then e went on to sugest that the best thing would be to continue paying as no oe will come to know about her medical history ,& even if her history is revealed we will atleast get the fund value,to which I agreed now after paying premiumfor 4 yrs she died in a hospital.then we asked abt the death claim & they gave the forms ,which require doctor certificate ,I got the certificate it includes all the medical history stating that she was a kidney transplant patient for 12 yrs.i have not applied for claim yet. I want to know what are the likelyhood of getting the claim .her daughter a minor(16 &1/2 yrs) is the nominee and she had appointed her mother as the guardian.
2)She has also made some fixed deposit (hdfc) and her minor (16&1/2 years) daughter is the nominee.on approaching the bank for payment to the nominee the bank refused to pay as the nominee is
Minor and her father is not staying together . The bank official said that a minor does not have the right to sign a deposit form or a withdrawl form and cannot operate a savings ac independently.i replied that the minor (16&1/2 yrs)can operate account independently as she is having a savings ac in other bank and also she can wait for 1&1/2 years when she becomes a major to stake her claim o the fixed deposit,to which he replied we will have to take order from court for guardianship & the bank will not wait for 1&1/2yrs ,and the amount would be ceased by the bank
Please advice me anonymus