Why Your Nominee May Not Get Your Insurance
There Are More Claimants On Your Property. Don’t think that the debt that You Have In The Market, In Your Absence, Will Fall On Your Family.
Insured so that your family does not Face Financial Hardship In Your Absence. So he wrote his wife’s name in the Nominee. Your Peace Of Mind Is Knowing That If Something Happens to you, Your Wife And Children Will At Least not Suffer From Financial Insecurity.
But don’t think there are more Claimants On Your Property. Don’t think that the debt that you have in the Market, In Your Absence, Will Fall On Your Family. He Did Not Think That After paying off the insurance money, that loan, There Would Be Nothing Left To run the family.
Nominating your wife or child will not Solve This Problem. Because, Being A Nominee Means That He Will Not Be The sole claimant of your insurance. It will be his Responsibility To Pay The Claimants and if he himself is a Claimant Then To Take His Own Share In Larger Proportionate Amount.
So? Keeping This Problem In Mind, Section 6 of the Married Women’s Properties Act or the Married Women’s Property Rights Act provides insurance. Then no one can deprive the family of their right on your insurance. Let’s see what this clause says.
Clause 6 says that if insured under this clause, your spouse/child or both will be the sole beneficiary of the sum assured. Even you will have no right over the money received on maturity. This fund will be treated as a trust and no one else can share in this money. Even if a loan is taken, the creditor will not have any rights over the money.
Who can buy this insurance
A) Married and living with a family
B) Divorced but in the name of your ex-spouse/child or both
C) In the name of the child even if perilous