Case Details:
Uncle (Mama Ji) wanted to help his Niece to secure her future due to the low income of her parents. Moreover, the father of the child committed suicide mid-policy tenure.
July 25, 2025
Important Background:
Mr. Prashant (Name Changed) came to us to secure his niece, who was 3 years old. There were some Issues with the low income of Father and Mother of the Child, and thus, Mama Ji was worried about the child’s Future. He approached us and requested a Child Policy. On understanding the entire Situation, we suggested that they go for the Father’s Insurance and keep the Child/Mother as Nominee. When securing a Child’s Future, we must ensure the earning member First to secure the child’s Future. The Mama Ji was Convinced, and the Policy was then taken in the name of the Father.
Unfortunately, after just 19 months, the Father committed suicide, and the claim was triggered. If we had taken the policy for the child, the benefits would have been very low.
Solution:
As mentioned earlier, we suggested that Mama Ji take the policy in the name of the father and not the niece for this case. The result was that the Wife got a big amount in her account as nominee. Additionally, the Daughter is getting a fixed amount every year for her Schooling, till she attains 20 years of age, and above all, the Daughter will also be getting a lump sum amount at the age of 20.
Had Mama Ji not followed our advice, it would have been a Difficult Situation.
Conclusion:
Settlement of the Claim was also not very easy, as there were issues with the Panchnama and Closure Reports. SD INSURANCE Personally visited the police station and inquired. On enquiring, the Police officer informed us about their inability to provide the Closure report without the Panchanama and other formalities. It was LIC OF INDIA which took a positive step and verified everything by personal visits and Discussion with the family and settled the claim.
We doubt that if it had been a private Insurance Company, the Claim would have settled so smoothly.