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News18
3 days ago
- Business
- News18
Insurance Claims: What Happens If Both The Policyholder And Nominee Die?
Last Updated: If both the policyholder and nominee pass away, other legal heirs can file a claim. Legal heirs usually include close family members such as the spouse, children, or parents When taking out an insurance policy, most people name their spouse, children, or parents as nominees, with the natural intention for the claim amount to benefit their loved ones in the event of an untimely death. However, tragic situations sometimes arise where the nominee also passes away along with the policyholder. Many times, tragic road accidents and tragedies lead to this situation where families lose multiple members together. In such cases, how can the insurance money be claimed, and who gets the first right? According to the Insurance Regulatory and Development Authority of India (IRDAI), if the policyholder and nominee die in the same accident, the insurance company can presume that the nominee died after the policyholder. In this case, the legal heirs of the nominee are considered eligible for the claim. While final decisions may vary depending on the insurer's terms and the specific policy, this principle generally applies. Legal Heirs Can Claim The Amount Insurance expert Manoj Jain explains that if both the policyholder and nominee die, other legal heirs can file a claim. Legal heirs typically include close relatives like the spouse, children, or parents. If a will exists, the individuals named in it can also claim the insurance amount. The Hindu Succession Act provides a detailed order of priority for such claims. Who Are Considered Legal Heirs? If No Close Relatives Exist If the policyholder has no heirs in Class 1 or Class 2, then extended family such as cousins from the father's or mother's side may claim the amount. If no legal heir is found, the insurance amount is transferred to the government. If The Policy Was Taken By A Woman For a female policyholder, her husband, sons, and daughters get first priority. If none of them are alive, the husband's family (parents, siblings, etc.) gets the next right. After them, her own parents come into consideration, followed by her father's and then mother's heirs. However, if the woman has left a will, that takes precedence. Documents Required To Claim Insurance In such emotionally and financially distressing times, knowing your legal rights and the correct claim process can offer some relief. If in doubt, consult a legal expert or financial advisor to guide you through the claim procedure.
Mint
09-06-2025
- Business
- Mint
BEL share price gains on signing MOU with a Tata entity: Trades close to record high
Stock Market Today: BEL share price gained in the intraday trades on Monday. The company had announced signing a MOU (memorandum of understanding) over the weekend with a Tata Electronics. Bharat Electronics share price was trading close to record highs, it scaled on Friday. Bharat Electronics or BEL intimated the exchanges on Friday 06 June 2025 but post market hours about signing an memorandum of understanding or MOU for Semi conductors development with Tata Electronics In its release on the exchanges Bharat Electronics or BEL said that "BEL, Tata Electronics ink MoU to advance India's ambition for self-reliance in electronics & semiconductor. Navratna Defence PSU Bharat Electronics Limited (BEL) and Tata Electronics signing of Memorandum of Understanding (MoU) is targeted towards developing indigenous semiconductor and electronics solutions. Navratna Defence PSU Bharat Electronics Limited (BEL), on Friday in its release said that 'the signing of a Memorandum of Understanding (MoU) with Tata Electronics towards the development of indigenous electronics and semiconductor solutions in line with the Government of India's vision for self-reliance' . This MoU as per BEL or Bharat Electronics also marks a significant step forward for BEL and Tata Electronics in jointly exploring end-to-end solutions to meet domestic requirements. On June 5, 2025, in Bombay House, the Tata Group's Mumbai headquarters, Mr. Manoj Jain, Chairman & Managing Director, BEL, and Dr. Randhir Thakur, CEO & Managing Director, Tata Electronics, signed the Memorandum of Understanding. BEL on Thursday had announced securing order worth ₹ 2323 crore. The order secured by BEL is for base and depot spare parts for the missile systems on Indian Navy ships totaling Rs. 2,323 crore (excluding taxes) from MDL, Mumbai, and GRSE, Kolkata. The spare parts will guarantee that the mission-critical equipment on board continues to operate. The same had lifted sentiment and drove BEL share price to record highs of ₹ 397 on Friday. On Monday also the BEL share price scaled intraday high of ₹ 395.20, and was trading very close to record high levels. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
07-06-2025
- Business
- Time of India
BEL joins Tata Electronics to develop indigenous electronics, chip solutions
New Delhi: In line with the government's vision for self-reliance, navratna defence PSU Bharat Electronics Limited (BEL) on Friday announced a collaboration with Tata Electronics towards the development of indigenous electronics and semiconductor solutions. The memorandum of understanding (MoU) is a significant step forward for BEL and Tata Electronics in jointly exploring end-to-end solutions to meet domestic requirements., BEL said in a stock exchange filing. BEL and Tata Electronics will explore end-to-end collaboration in areas such as semiconductor fabrication (Fab), Outsourced Semiconductor Assembly and Test (OSAT), and design services. The goal is to meet BEL's present and future needs for advanced components, including Microcontrollers (MCUs), Systems-on-Chip (SoCs), Monolithic Microwave Integrated Circuits (MMICs), and other processors. The MoU was signed by Manoj Jain, Chairman and Managing Director, BEL, and Randhir Thakur, CEO and Managing Director, Tata Electronics, at Bombay House, Tata Group's headquarters in Mumbai. Both companies will also endeavour to develop optimum manufacturing solutions for BEL's products through knowledge sharing, best practices and other resources. Tata Electronics is a prominent global player in the electronics manufacturing industry with fast-emerging capabilities in Electronics Manufacturing Services, Semiconductor Assembly and Test, Semiconductor Foundry, and Design Services. Meanwhile, BEL reported an 18 per cent growth in net profit to Rs 2,127 crore for the January-March quarter of financial year 2024-25 compared with the corresponding figure of Rs 1,797 crore in the same period of the previous year. The company's revenue from operations came in at Rs 9,150 crore, which was a 7 per cent increase over the Rs 8,564 crore reported in the same period of the previous financial year. BEL's board of directors have recommended a final dividend of Rs 0.90 per equity share for the financial year 2024-25. In April, the defence PSU signed a contract with the Indian Air Force valued at Rs 593.22 crore for providing maintenance services for the Akash Missile System to kick off the new financial year 2025-26.
India.com
06-06-2025
- Business
- India.com
Rs 21700 crore weapon: India to get much stronger as this project..., bad news for Pakistan, China due to...
Rs 21700 crore weapon: India to get much stronger as this project..., bad news for Pakistan, China due to... A leading Indian defence company — Bharat Electronics Limited (BEL), known for making Akashteer — is once again making headlines by playing a crucial role in Project Kusha – an initiative to develop a powerful air defence system like the Russian-made S-400. The ambitious project aims to neutralise aerial threats like missiles, suicide drones, and aircraft attacks. Notably, Project Kusha is led by the Defence Research and Development Organisation (DRDO). As a development partner, BEL is working closely with the DRDO and sharing its insights to the design and production of crucial subsystems like – radars and control systems. BEL Chairman and Managing Director Manoj Jain, during the company's March quarter earnings call, confirmed that BEL is jointly developing several components of Project Kusha. 'We are jointly developing many components of Project Kusha,' he said. Project Kusha: Prototype Phase To Begin Soon As per reports, the prototype phase of Project Kusha is likely to begin in the coming months with BEL is working to build the first working model within 12-18 months. Once developed, the system will undergo severe trials and testing which will take 1-3 years. A decision on the system integrator(s) is yet to be made. BEL expressed confidence in their selection, should the authorities opt for two integrators. Project Kusha is designed to fill the gap between India's MR-SAM (Medium-Range Surface-to-Air Missile), and Russian-made S-400. MR-SAM has a range of 80 km, whereas S-400 covers up to 400 km. Project Kusha: Three Types Of Interceptor Missiles India plans to deploy a three-tiered missile defence system by 2028-2029. This system will comprise interceptor missiles with ranges of 150km, 250km, and 350km, intended for use by both the Indian Air Force and Navy. Project Kusha: Standout Feature Kusha's major feature includes its ability to intercept high-speed anti-ship ballistic missiles (ASBMs) which can travel at speeds of Mach 7, as per a report by Project Kusha: High-Speed Naval Defence Project Kusha's key feature is a naval adaptation of the M2 missile, capable of intercepting anti-ship ballistic missiles (ASBMs) travelling at speeds up to Mach 7 (approximately 8,645 km/h). This capability provides crucial protection for naval vessels against high-speed, sea-based missile attacks. Project Kusha: Strengthening India's Air Defence Another key feature of the project includes its ability to work smoothly with existing systems such as IAF's Integrated Air Command and Control System (IACCS) and Russian made S-400 missile system. Project Kusha can achieve an 80 percent single-missile kill rate. It can exceed 90 percent when using multiple missiles simultaneously. Once inducted, the system will enhance India's layered air defences against any aerial threat. Project Kusha: Budget-Backed and Battle-Ready It is worth mentioning that the project was approved by the Cabinet Committee on Security in 2022. The budget of the project was Rs 21,700 crore. The budget was sanctioned to build five squadrons for the IAF. Another major feature of the project is its naval version, which is capable of destroying anti-ship ballistic missiles (ASBMs). With this the Indian Navy will have a powerful tool to protect its frontline warships. This new system will enhance the navy's defences by complementing existing systems like Barak-8 and the Naval Ballistic Missile Defence System, creating a more robust overall defence.
India Gazette
06-06-2025
- Business
- India Gazette
Tata Electronics, BEL join hands to advance India's electronics, semiconductors ecosystem
Mumbai (Maharashtra) [India], June 6 (ANI): Tata Electronics and state-owned firm Bharat Electronics (BEL) have joined hands to advance the development of indigenous electronics and semiconductor solutions in line with the Centre's vision for self-reliance. This MoU between these two is a significant step forward in jointly exploring end-to-end solutions to meet domestic requirements. The agreement was signed on Thursday by Randhir Thakur, CEO and Managing Director, Tata Electronics and Manoj Jain, Chairman and Managing Director, BEL at the Tata Group's headquarters in Mumbai, as per a joint statement. As part of the agreement, Tata Electronics and BEL will explore collaboration opportunities to identify Semiconductor Fabrication (Fab), Outsourced Semiconductor Assembly and Test (OSAT), and design services solutions from Tata Electronics based on the current and future requirements of BEL, including Microcontrollers (MCUs), Systems-on-Chip (SoCs), Monolithic Microwave Integrated Circuits (MMICs), and other Processors. The joint statement added that both companies will endeavour to develop optimum manufacturing solutions for BEL's products through knowledge sharing, best practices, and other resources. Bharat Electronics Limited (BEL), a Navratna PSU under the Ministry of Defence, is involved in defence and strategic electronics manufacturing. BEL is a multi-product, multi-technology, multi-unit conglomerate with wide expertise in the design, development, engineering, and manufacture of Radars, Weapon Systems, C4I systems, Military Communication systems, Electronic Warfare and Avionics, naval systems, Electro-Optics and laser-based products, Tank Electronics and Gun Upgrades, satcom systems, Strategic Components, and civilian products. BEL has been continuously striving to expand its offerings in the Non-Defence domain, some of its recent notable business initiatives being in the areas of Homeland Security, Cyber Security, Software, Rail and Metro solutions, Civil Aviation, Space Electronics, Medical Electronics, Jammers, Anti-drone systems, Unmanned Systems, etc. Tata Electronics Pvt. Ltd. Is in the electronics manufacturing, with fast-emerging capabilities in Electronics Manufacturing Services, Semiconductor Assembly and Test, Semiconductor Foundry, and Design Services. Established in 2020 as a greenfield venture of the Tata Group, the company aims to serve global customers through integrated offerings across a trusted electronics and semiconductor value chain. With a rapidly growing workforce, the company employs over 65,000 people and has significant operations in Gujarat, Assam, Tamil Nadu, and Karnataka. (ANI)
