Both the policy holder and the nominee died in the Air India accident, who will get the insurance money now? What does the law say?:

News Topical, Digital Desk : Insurance Policy Claim: No one can tell when a person's time will change. Sometimes circumstances arise which we may never have thought of. Now take the incident of Air India crash in Ahmedabad on 12 June, did anyone have even the slightest idea of this horrific accident? Now during this time a question arises in our mind that what if both the policy holder and the nominee die in the insurance policy?

Many cases are coming to the fore after the plane crash

According to a PTI report, after the Ahmedabad plane crash, many such cases have come to light where both the policy holder and the nominee who received the claim have died in the accident. Air India's Boeing Dreamliner aircraft, which took off from Ahmedabad to London Gateway, crashed in Meghani Nagar area. 241 passengers including crew members died in this.

Apart from this, 34 people present at the accident site also lost their lives. In such situations, the family members who are facing grief also have to think about what will happen next, how to claim the money received in insurance? Let us tell you through this news that if both the policy holder and the nominee die, then who will get the insurance money?

Does the insurance policy get confiscated?

First of all, let us tell you that the insurance amount is never confiscated, but becomes a part of the policy holder's property. Usually legal heirs such as children, surviving parents or spouse can claim it. After the Air India accident, many insurance companies are facing similar cases. Many insurers like LIC, Iffco Tokio, Tata AIG have received such claims in which both the policy holder and the nominee have died.

Who gets the claim money?

According to a PTI report, some companies are relaxing formalities for quick settlement of claims, such as LIC said that instead of waiting for an order from the court in these cases, it is accepting declaration and indemnity bonds from legal heirs, provided the heirs agree on how to divide the amount received from the claim settlement. Usually, insurance companies pay the money after checking the documents and confirming the relationship of the person making the claim with the policy holder or nominee.

Now the second question is that if there are multiple legal heirs, what does the company do in this situation? In Hindu Succession Law, legal heirs are divided into two categories. The first category includes class one legal heirs such as son-daughter, wife, mother. If there is no one among the class one legal heirs, then class 2 is considered, which includes father, brother-sister, nephew-niece.