Claim Without Nominee: Bank, Shares, LIC and Other Assets

What "claim without nominee" really means

A nomination simply tells an institution whom to pay. When your parent never registered one, the money does not disappear — it waits for the legal heirs. The institution's concern is protecting itself from a second claimant, so it asks for stronger proof of who the heirs are and a promise (indemnity) that they will settle any dispute among themselves.

Two things decide how much paperwork you face: the value of the asset and whether any joint holder survives. A surviving joint holder usually takes over directly. Where there is none, the value thresholds below apply.

Death claim without nominee: asset-by-asset routes

Institutions may still ask for extra documents in a specific case, so treat the table as the starting point rather than the final word.

Bank claim without nominee

RBI's 2025 directions on settling claims of deceased customers (banks to implement by 31 March 2026) are the biggest change for families. Claims can be lodged at any branch and online with an acknowledgement. Once documents are complete, the bank must settle within 15 calendar days, and it must pay compensation for delay.

For lockers and safe custody articles, the bank must prepare an inventory within 15 days. If the account has already moved to the RBI DEA Fund after 10 years, the bank still pays the heirs and is reimbursed later. Read our bank deposit claim guide for the full process.

Shares transmission without nominee

SEBI's transmission circular of 23 July 2026 (effective around 22 August 2026) sets three levels for heirs without a nomination:

• Quick Transmission Processing: up to ₹10,000 for physical and ₹30,000 for demat holdings.
• Simplified documents: up to ₹10 lakh physical and ₹30 lakh demat, with affidavit-cum-NOC of heirs and indemnity; probate is not mandatory on this route.
• Above those limits: a succession certificate, probate or letter of administration is typically sought.

QR-code death certificates are accepted, and processing should take 21 days after complete documents. The same framework applies to mutual fund units. See share transmission services and, for shares already in IEPF, IEPF claim support.

LIC claim without nominee

Where a life policy has no valid nominee, the insurer pays the legal heirs after it is satisfied about their title. The practical steps — the claim forms, heirship proof and any indemnity — are set by the insurer based on the facts of the case. For larger claims or disputes among heirs, insurers commonly ask for court-issued documents.

If an amount has stayed unpaid for 6 months after it fell due, it is treated as unclaimed and can be searched on the insurer's website (licindia.in for LIC). If the insurer does not respond, escalate to its grievance officer, then IRDAI's Bima Bharosa portal, then the Insurance Ombudsman. Expertvuw does not sell insurance; see unclaimed insurance claims.

Do you need help with this?

Yes, and many heirs do. The official routes are free: bank branches accept claims directly, RTAs process transmission requests on ISR-4, and insurers and post offices have their own forms. If all heirs agree, live nearby and names match across documents, a self-filed claim is often enough.

It becomes harder when heirs are spread across cities or countries, one heir is unwilling to sign a no-objection, the asset is above the limits, certificates are old and physical, or the deceased's name appears differently on different records.

How Expertvuw helps heirs without a nomination

1. Review: we assess each asset against the value limits and decide which can go through the simplified route.
2. Documents: we plan the heirship documents so one well-prepared set can serve banks, RTAs and other institutions.
3. Filing and follow-up: the heirs remain the applicants; we prepare submissions and track them with each institution.
4. Credit: money and securities go only into the heirs' own bank or demat accounts.

If a court certificate is unavoidable, advocates file the petition and we coordinate the documentation — see succession certificate and legal heir support.

Why Expertvuw

• Registered company with offices in Delhi and Gurugram, handling cases across India
• Support for NRI heirs who cannot visit branches in person
• One team across shares, deposits, insurance, funds and retirement savings
• Plain-language updates and disciplined record-keeping

We are not affiliated with any regulator, insurer or court. For the full list of assets a family may need to trace, read our guide on how to claim investments of a deceased parent, or request an initial case review.

Frequently asked questions

What happens to a bank account if there is no nominee?

The money stays with the bank for the legal heirs. Under RBI's 2025 directions, heirs can claim up to ₹15 lakh at commercial banks (₹5 lakh at co-operative banks) with a claim form, death certificate, ID, indemnity, proof of heirship and no-objection from other heirs. The bank should settle within 15 calendar days of complete documents.

Is a succession certificate compulsory for shares without a nominee?

Not always. Under SEBI's July 2026 transmission framework, heirs can use simplified documents — affidavit-cum-NOC and indemnity — up to ₹10 lakh for physical and ₹30 lakh for demat holdings, and probate is not mandatory on this route. Above these values, a succession certificate or similar court document is usually requested.

How does an LIC claim work without a nominee?

The insurer pays the legal heirs once it is satisfied about their title, using its own forms and heirship requirements. Larger or disputed claims commonly need court-issued documents. Check licindia.in for any unclaimed amount, and escalate to the grievance officer, Bima Bharosa and then the Insurance Ombudsman if the claim stalls.

What if one legal heir refuses to give a no-objection?

The simplified routes depend on all heirs agreeing, so a refusal usually pushes the claim to a court route such as a succession certificate, where the court decides. It is worth discussing the matter within the family first, as court routes take several months. Petitions are filed by advocates.

Can a surviving joint holder claim without a nominee?

Yes. A surviving joint holder is generally the simplest case: the account or securities move to their name on a death certificate and updated KYC. The nomination question arises mainly when the deceased was the sole holder. If the joint holder has also died, the heirs of the last survivor follow the nominee or legal heir route for that asset.

Does the post office pay heirs without nomination?

Yes. For smaller amounts, the post office settles on an affidavit, disclaimer from other heirs and indemnity under Department of Posts guidelines. Above that limit, a succession certificate is needed. If the account has been frozen after maturity, it is unfrozen with KYC, the passbook or certificate and a closure form. See our post office savings claim guide.

Will new nomination rules help avoid this problem?

For future cases, yes. Banks allow up to four nominees from 1 November 2025, and SEBI requires nomination or opt-out for single-holder demat accounts and MF folios opened on or after 1 September 2026. Adding nominees on your own accounts now spares your family this process later.