Legal Question in Insurance Law in India
Insurance policy taken on minor live(child) by a proposer (father) does vests to minor on his attaining majority?
Does this change in ownership took place automatically?
Does insurer or proposer are legally binded to effect such change?
Does then propose (owner of policy/father) can object to such change?
This is not policy feature but insurer suggested that it is implication from contract act, where contract done with major where minor is subject matter, on minor attaining majority asset needs to be transfered to him
Asked on 11/19/09, 12:39 pm
1 Answer from Attorneys
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