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Thursday, April 17, 2008

AGIF Benefits to be provided to Mothers of deceased married personnel too

According to policy followed by the Army Group Insurance Fund, on death of a married individual in service, the insurance benefits are released only to the widow and not to the mother even if the mother was nominated for such benefits. AGIF treats nominations in the name of 'mother' in cases of married personnel as null and void. The Delhi High Court (and also recently the Punjab & Haryana High Court) has held that AGIF benefits shall be released to mothers of married personnel too since mother is an heir according to succession laws.


Jack said...

Sir by any way or will, is it possible for a married offr to keep his nominations in favour of parents only for any amount of time as he may desire or untill he himself changes his will.
Maj Ajesh Kumar

Anonymous said...

Sir is there a way to find what was the total deposits done into AGIF by all the army personnel, how is the corpus utilized in insurance and investment. Who decides on the the board. What does the decision making board constituted of? Does any such board has any expertise in taking such decisions if all are unifromed soldiers who I believe are less versed with the financial markets?
What is the dealing with mutual funds and the AGIF in terms of contracts.
How are the benefits distributed
I am just about to complete my MBA in finance and IB so what ever little knowledge I have gained I can say its a total of 400 crore corpus per year. So I guess the benifits should be huge and if AGIF is acting like a monopolistic society/company then its a loss the exchequer in terms of Incometax

Prakash said...

Sir,I have purchased a resale flat in katraj area of pune and wish to apply for a home loan with agif.I have completed two and a half years of physical service.I am on leave for a week and would request your guidance regarding the same.
I am not being able to find an application form for the agif home loan.I'll request you to kindly provide a link for the same.

Anonymous said...

Sir, I have agif financed car with me, bought in 2010, can I sell my car so as to support the cost of new car. What are the rules/conditions for selling of agif financed car.

Anonymous said...

AGIF Benefits: If a SEP rank person passed away with the following survivors mother, wife, daughter, son, daughter. How AGIF distributes benefits to these heirs? As document says only wife/children entitled for these benefits, under what rule of AGIF mother was included by courts?