Please note that life insurance policy moneys, in India , are protected from attachment by a court
as per the Civil Procedure Code. Section 60(1) of the Civil Procedure Code
says.. ”Provided that the following particulars shall not be liable to
attachment or sale, namely:
(kb) all moneys payable under a policy of insurance on the
life of the judgment debtor”.
This principle was upheld by the Madras High Court in LIC of
India vs John Bosco and others (Order dated 16-4-2002) AIR2002 Madras 348. It
said, “ …If that be so, even though in the instant case the decree holder /
first respondent proposed to attach the policy amount payable to the father of
the judgment debtors /Respondents 2 and 3 , in my considered opinion, it would
offend the legislative object enshrined under proviso (kb) to Section 60(1)
C.P.C, and therefore, such policy amount of the father of the judgment debtors
/ Respondents 2 and 3 is also not attachable…..”
From: ramakrishnan lalitha
ReplyDeleteDate: Mon, Sep 23, 2013 at 2:54 PM
Subject: Thank you-The blog is a goldmine
To: LII Prog
Dear sir,
The blog is a gold mine. My colleague who is teaching life insurance is very happy about the contents. Thank you so much, Dr.Lalitha,Pondicherry University,Karaikal campus.
From: Joseph Abraham
ReplyDeleteDate: Mon, Sep 23, 2013 at 3:57 PM
Subject: Re: Blog: lifeinsuranceinsights.blogspot.in
To: LII Prog
Congratulations on completing 100 posts. I have gone through a number of posts, but not all. Highly informative and enlightening,
P.J.Abraham,
Rugmani Md to me
ReplyDeleteSep 22 (1 day ago)
Respected Sir,
Just now I was going through the blog. While reading the topic on offer, acceptance, contract of utmost good faith I felt that I was sitting in my Mercantile Law class during my college days. It is so interesting to see the way you have presented it. The origin of disability benefit is entirely new information. You are really giving us a lot of surprises Sir. Thank you so much. Informed many of our LIC people to visit this valuable blog…..Rugmini