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Monday, April 11, 2011

Life Insurance Policies - Transferability

The insurance policies in India are fully tradeable and freely assignable in accordance with the provisions of Section 38 of the Insurance Act, 1938. Section provides that a life insurance policy is freely transferable or assignable with or without any consideration. However, for valid transfer or assignment the same shall be duly endorsed on the policy or a separate instrument can also be formed. The transferor or the assignor or his duly authorized agent and at least one witness must sign the same for valid transfer or assignment. It is pertinent to note that the fact of transfer or assignment must be set forth.

Sub-section 2 of Section 38 further provides that a notice in writing of the transfer or assignment and either the said endorsement or instrument itself or a copy thereof certified to be correct by both transferor and transferee or their duly authorized agents must be deliver to the insurer.

The Hon’ble High Court of Bombay in Insure Policy Plus Services (India) Pvt. Ltd vs. The Life Insurance Corporation Of India 2007 (109) Bom L R 559, 2007 79 SCL 583 Bom has held that life insurance policies are transferable and assignable in accordance with the provisions of the Insurance Act, 1938 and in terms of the contract of life insurance.

Thursday, March 24, 2011

Hindu Succession Act - short note

THE HINDU SUCCESSION ACT

RIGHT TO PROPERTY

Generally the property can be divided into two types:

  1. Coparcenary Property
  2. Self – acquired property

Meaning:

1. Coparcenary Property refers to the property inherited upto four generations of members of a Hindu joint family.

2. Self-acquired property is a property acquired by a person of its own. The person having self acquired property can dispose of the same as per his/ her own wish and to any third person excluding his/ her legal heirs.

Right in Coparcenary Property:

As per the Hindu Succession (Amendment) Act, 2005 now the daughter gets equal right in Coparcenary property and is entitled to equal share in the Coparcenary property. Further, a daughter is now entitled to claim partition in the Coparcenary property from her father.

Claim of right in the property:

The Hindu Succession Act, 1956 (hereinafter referred to as “the Act”) provides the procedure for division of share in the property amongst the legal heirs.

In case a male hindu die intestate (i.e. without forming any will/ deed), his property shall devolve to Class I heirs as defined in the Act which includes his son, daughter, widow, mother etc.

Similarly, the property of a female Hindu dying intestate (i.e. without forming any will/ deed) shall devolve first to her sons and daughters and her husband as provided under the Act.

The share will be devolving equally between the Class I heirs in the above said situations.

Right in property came through partition:

In case the property which was earlier a Coparcenary property has been acquired through partition by the parents, then they become absolute owners of their respective shares and they can deal with the properties exclusively excluding their sons/ daughters. It is pertinent to mention that a son of a divided son (i.e. property acquired by partition) does not get right from his father by birth. The father or mother is free to dispose of the same as per their wish.

Right in the property of your mother:

Section 15 of the Act also carves out an exception i.e. when the property is devolved upon the deceased female from her parents’ side, on her death the same would relate back to her parents’ family and not to her husband’s family.

Similarly, in a case where she had inherited some property from her husband or from her husband’s family, on her death the same would revive to her husband’s family and not to her own heirs.

The self-acquired property of a woman would be her absolute property.

Conclusion:

From the above, it is clear that as per the amended law, now the female/ daughter whether married or unmarried can claim right in the Coparcenary property and is also entitled to claim partition in the said property. However, the father or mother has every right to give away or gift or make a will for the property, in case same is self acquired property. In case of death of father or mother intestate, the same shall devolve on the legal heirs as per the procedure provided under the Act and as mentioned hereinabove whereby married daughter is also entitled to get share in the same.

Tuesday, March 15, 2011

dreams dreams dreams shattered.....

I hate to say this...but again some dreams some expectations some wishes....shattered...broken down....within no time...

with so hope and patience i was eagerly waiting for the same..but this time again...

I dont know but why every time when ever i expect some thing..that thing either don't come to me or the same never occurs....

Is it my destiny? Is it my bad luck?

Can't say at this momemt....Hope after some time..the things will be clear...

The darkness from my mind move away and bright sunshine will come when i will see through my path.... my way..... to move further in a good direction....

Remembering the dialogue "AAll is Well"......

Waiting....waiting...and waiting....

Sunday, November 1, 2009

New Item -

Hello,

a new person on blog.

A confusion and dilemma in mind..can i be able to blog..
Why?

Not a blogger..not a person who want to share his life..his problems..
But i love to write.. love to express my ideas.. lets see how much i will be able to succeed...