Madhukar
If the HYPO has not been removed from your vehicle's RC book - Your Insurance claim would be paid to the Bank (Insurance company would demand original RC when submitting any insurance claim. Remember - Insurance cos., would be very flexible when collecting a policy but would seek EVERY clause as to how to deny/reduce claimed amount). And, "yes" - until and unless you remove the HYPO from RC, the Bank/Financier is the actual owner (a duplicate key is always under the custody of the Financier/Bank - remember to collect the same when getting the NOC).
 Never mind what others say, do whats right for that moment!
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