Life Insurance For 1 Crore – If A Person Is Missing For Many Years, How Will The Family Get Insurance Money For Him? – Every year many of us go missing thanks to various reasons like natural calamities etc. Even after checking out lakhs, when these people aren’t found, then the relatives sit tired and provides up. Such an individual has no idea whether he’s alive or not. So what should the householders do? Should they apply for the sum insured of that person? And if you would like to try to to so how can it’s done? Let’s realize it .
If the missing person was the only breadwinner of the family, then it becomes all the more necessary for the family to say for such an policy .
Life Insurance For 1 Crore – If A Person Is Missing For Many Years, How Will The Family Get Insurance Money For Him?
When are you able to claim
Normally, when an individual dies, the relations collect the insurance amount by submitting his death certificate and other documents, but the missing person cannot have a death certificate. But there’s a law consistent with which a missing person are often declared dead.
According to Section 108 of the Indian Evidence Act, an individual is presumed dead after seven years of an FIR registered about his disappearance. during this way, the relations will need to await a minimum of seven years to urge the sum insured of a missing person.
But if the person goes missing, the quantity of his premium will need to be deposited by the family within the following years, otherwise the policy will lapse, especially within the case of term plans.
How to get insurance amount
If the policyholder goes missing, first inform his heirs by getting to the insurance office. The family will first obtain the date certificate of that person on attaining seven years, after which they’re going to approach the court. The court itself will order the insurance firm to issue insurance. The legal heirs of the missing person also will need to submit a replica of the FIR and a non-traceable police report for this.
Under what circumstances does one get money first?
Sometimes the condition of seven years can’t be complied with just in case of missing person insurance. If it’s clearly proved from all the evidence that the person has died, then the insurance firm can give relief within the condition of seven years, as if the govt has issued an inventory and expressed the apprehension of death. However, often just in case of natural calamities, the insurance firm doesn’t settle the claims, as there’ll be no proof of the death of the insured.