Can anyone tell me that whether LIC amount come under the property right of wife under the new marriage law 2010 ? If yes, then which amount will be taken as asset --- the Insured amount , OR the assured return, OR based on yearly premium ??
Indrajit (Engineer) 29 March 2012
Can anyone tell me that whether LIC amount come under the property right of wife under the new marriage law 2010 ? If yes, then which amount will be taken as asset --- the Insured amount , OR the assured return, OR based on yearly premium ??
adv. rajeev ( rajoo ) (practicing advocate) 29 March 2012
It amounts to moveable property. Amendment yet to be seen.
Ranee....... (NA) 29 March 2012
What in case of shop/farrms owned by husband?Does they come into the category of property?
Indrajit (Engineer) 29 March 2012
@Ranee......
Madam, if the shops/farms are made by the husband during the course of marriage, then wife have a right of share in that property. But if the same were owned from pre-marriage date, then that property will not be taken into consideration while granting wife a share.
Indrajit (Engineer) 29 March 2012
"........It amounts to moveable property. Amendment yet to be seen......"
The LIC premium is only 5% of the sum insured , and thus it is a purely an "insurance" policy and I claim tax rebate under Sec80C, unlike the "investment" policies in which the premium is 20% or more of the sum insured & do not get tax rebate.
My question is, can a purely insurance policy be regarded as a movable property ? If yes, then which amount will be taken as asset --- the Insured amount , OR the assured return, OR based on yearly premium ??
I will be thankful if anyone can help me out.
bhagwan (owner) 29 March 2012
Sir, pls clearfy that if husband has purchased new property between the time of marriage and divorece wife has right but for that new purchase if he has sold old property whcih he was having before marriage will that amount will be deduct or not? and what is the mean that even after divorece husband has to pay maintance then what is the mean of DIVORECE.
pls clerfy. Thanks
Kumar Doab (FIN) 29 March 2012
It is felt that assured return.
However the assured return is subjected to the condition of keeping the policy in force by adhering to conditions expressed in policy document e.g. regular payment of periodic premiums.
In case of loan application on LI policy the lending institution may take into a/c the paid up value/surrender value as on date.
Maximum loan amount available under the policy is 90% of the Surrender Value of the policy (85% in case of paid up policies) including cash value of bonus.
The change in occupation, location etc, health is to be informed to the insurer and accordingly policy condition may change.
Shonee Kapoor (Legal Evangelist - TRIPAKSHA) 29 March 2012
Yes, it would come under property.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
bhagwan (owner) 12 April 2012
MR. RAJEEV ( RAJOO), Nowevery body is scared for noew law. Toady in news shown that wife can go against the divorece but husband has got no right to go against that suit ,what will be the situation of husband if marriage has taken in 2001 and divorece is in 2006, even though now he is bound ...if yes i think now a days more than100 husband will suicide, government has opened the heaven for women and hell for mens.pls ack.Thanks
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