If the policyholder had made a nominee while buying car insurance, the nominee will be eligible for the policy transfer after his/ her death.In case no nominee had been specified by the policyholder, his/ her legal heir will be eligible to get the car insurance policy transferred to his/ her name.
What happens if a person dies after taking car loan in India?
Repaying the car loan If the borrower dies during the loan period, the bank contacts the borrower's family to recover the outstanding amount. If there is a legal heir who wants to possess the car, then he/she has to repay the outstanding amount to the bank.
Can a loan be forgiven after death?
No, when someone dies owing a debt, the debt does not go away. Generally, the deceased person's estate is responsible for paying any unpaid debts. When a person dies, their assets pass to their estate. If there is no money or property left, then the debt generally will not be paid.