My married sister expired on road accident with family members,can my parents claim her PF and insurance amount

Ans: Under section 80D of the Income Tax Act, 1961, the premium paid is eligible for tax deduction up to an amount of Rs 50,000 for senior citizens. The policy can be in the name of oneself, one’s spouse, or one’s parents who are not dependent and also dependent children.

To get the receipt in the name of your daughter she should be the proposer for the policy that covers your wife.

Ans: I'm truly sorry for your loss. In the case of claiming the PF balance of a deceased member, the required documents typically include:

Death Certificate of the deceased member.
Claim Form: A duly filled and signed Form 20 (for EPF) or Form 10D (for EPS - Employees' Pension Scheme).
Identity Proof: Aadhaar card, PAN card, Passport, Voter ID, etc., of the claimant.
Address Proof: Aadhaar card, Passport, Voter ID, Utility bills, etc., of the claimant.
Cancelled Cheque or Bank Passbook: Showing the account details of the claimant for direct credit.
The requirement for a Succession Certificate depends on the amount of PF balance and the policies of the PF office. For smaller amounts, a legal heir certificate and indemnity bond may suffice. However, for larger amounts, a Succession Certificate might be required to establish the rightful claimants.

It's advisable to contact the nearest PF office or consult with a legal expert to understand the specific requirements and procedures for claiming the PF balance of a deceased member.

Ans: I’m sorry to hear about the accident and hope the boy is recovering well. It’s great that you took responsibility for his medical expenses. Since you have third-party insurance, you can potentially claim the treatment expenses from your insurance company. Here’s how you can proceed:

Steps to Claim Treatment Expenses from Third-Party Insurance
1. Gather Necessary Documents
Ensure you have all the necessary documents ready, including:

Insurance Policy Details: Your third-party insurance policy
Accident Details: Date, time, and location of the accident.
Medical Bills and Receipts: Copies of all the treatment expenses you paid for the injured boy.
Medical Reports: Any medical reports or discharge summaries from the hospital.
Witness Statements: If possible, get statements from any witnesses of the accident.
2. Inform Your Insurance Company
Contact your insurance company as soon as possible. Provide them with the details of the accident and the treatment expenses incurred. Inform them that you wish to claim these expenses under your third-party insurance.

3. Submit a Claim Form
The insurance company will provide you with a claim form. Fill out the form accurately, providing all necessary details. Attach the gathered documents, including medical bills and reports, with the claim form.

4. Cooperate with the Investigation
The insurance company may conduct an investigation to verify the details of the accident and the incurred expenses. Cooperate with their inquiries and provide any additional information or documents they may request.

5. Follow Up
Keep in regular contact with the insurance company to follow up on your claim status. This will ensure that your claim is processed promptly.

6. Payment to the Injured Person
If the insurance company agrees to cover the expenses, they may pay the amount directly to the injured person or reimburse you for the amount you have already paid. Confirm this with your insurance company and provide the injured person’s contact and bank details if needed.

Points to Remember
Document Everything: Keep copies of all communications with the insurance company, including emails, letters, and phone call records.
Legal Advice: If you face any difficulties in the claim process, consider seeking legal advice to ensure your claim is processed smoothly.
Possible Outcomes
Reimbursement to You: The insurance company reimburses you for the medical expenses you have already paid.
Direct Payment: The insurance company pays the medical expenses directly to the injured person or their family.
By following these steps, you can navigate the claim process with your third-party insurance company and ensure that the medical expenses are covered. Your proactive approach in taking responsibility for the injured boy’s treatment is commendable and should help in facilitating a smooth claim process.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in