Asked in Insurance
The amount will go equal to both legal heirs. Your father and you both are legal heirs until there is some more siblings you have. Nominee does not mean you will become owner or get 100%.
1. The nominee gets exclusive rights to receive the money lying in the account. It gives him all the right of the depositor as far as the depositor's account is concerned, according to Section 45ZA of the Banking Regulation Act. But the banking law is not concerned with the succession. The money in the account will form part of the estate of the deceased depositor and devolve according to the rules of succession. 2. the amount will be distributed among all legal heirs,
Hi, The cheque will be equally divided among the legal heirs. Nominee is a care taker of the property, they cannot use it for personal benefit. They need to transfer property equally to legal heir when they demand. So, here you father can demand the right over that fund. If you find it helpful, please rate my answer. Thank You.
Dear Sir, You will get cheque in your name. Use some influence.
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