The document discusses planning to insure a business. It explains that all business insurance policies cover property, liability, people, or income. It emphasizes the importance of adequately insuring a home-based business as the owner's personal assets like their home could be at risk if a liability claim exceeds their insurance. The document also promotes taking a Married Women's Property Act (MWP) life insurance policy to protect one's wife and children and avoid having the policy proceeds fall under the insured's estate.
This is the brief document about Birla Sun Life Group..which include almost all its insurance plans, and policies. This documents also help those students and people how are seeking to get to know about BSLI. I provide all the detailed history about birla group in this documents..:)
This is the brief document about Birla Sun Life Group..which include almost all its insurance plans, and policies. This documents also help those students and people how are seeking to get to know about BSLI. I provide all the detailed history about birla group in this documents..:)
In every Organization there are a Few Key Persons who Run the Show.They are the Pillars of the company.
Any unfortunate event such as a Sudden Death of a Key Personnel may result in Temporary set back to the company.Every Organization requires Protection against Financial Loss such as liability, Recruitment Cost, Training Cost etc., if such event takes place.
Key man insurance is also known as Business Continuity Plan
Life Insurance Basics provides an overview of most of the types of life insurance products available today and reviews the basics of policies, contracts, beneficiaries and how to buy life insurance. Part of the continuing series of presentations in the Financial Services Industry Training. Contact us if you need training developed for your organization.
Keyman Insurance is a Key to securing companies future. Please get in touch with us in case you are interested to secure your company against any unforeseen events.
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
General Insurance is defined as any insurance which is not determined as life insurance. There are various types of general insurance. Know about them here.
In every Organization there are a Few Key Persons who Run the Show.They are the Pillars of the company.
Any unfortunate event such as a Sudden Death of a Key Personnel may result in Temporary set back to the company.Every Organization requires Protection against Financial Loss such as liability, Recruitment Cost, Training Cost etc., if such event takes place.
Key man insurance is also known as Business Continuity Plan
Life Insurance Basics provides an overview of most of the types of life insurance products available today and reviews the basics of policies, contracts, beneficiaries and how to buy life insurance. Part of the continuing series of presentations in the Financial Services Industry Training. Contact us if you need training developed for your organization.
Keyman Insurance is a Key to securing companies future. Please get in touch with us in case you are interested to secure your company against any unforeseen events.
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
General Insurance is defined as any insurance which is not determined as life insurance. There are various types of general insurance. Know about them here.
People work to earn income, that's so obvious, right? So what is wrong in earning some more in this rapidly increasing economy. We're there to guide you to succeed in your business. All you need to do is grab this opportunity and become LIC Advisor. Training and other relevant support needed for the work will be provided from our side. Visit www.getmelic.com for more details
Tax letter overlooked strategy - transfer policy ownershipontario lifeline
relates to Fair Market Valuation of individual life policies in Canada either for transfer to individual's professional or business corporation or donation to a charity
When two eminent personalities extended their kind support to our endeavor, we feel blessed and indebted. Sir R. Gopinath and Sir Tom Hegna, two very experienced economists, writers, speakers, experts in financial planning contributed their valuable articles. Thank you very Sirs. Thank you, Madam Chandrima, for supporting us on every occasion. Our little magazine "Life-A Promise" blossomed again with the loving blessings of all our well-wishers. I am indebted and thankful to our support team for their overwhelmed efforts.
Spencer Lodge Fund Advisers Dubai Life Insurance. Spencer Lodge MD of Fund Advisers Dubai Universal life insurance offers you the freedom to increase or decrease your policy’s death benefit to fit your individual needs. Policies have minimum and maximum premium amounts that you must meet to maintain your coverage, but the timing of payments can be flexible. Access to cash values Universal life insurance policies have a cash value that has the potential to increase over time. If financial needs arise, you can tap into your policy by taking tax-advantaged policy loans and making partial withdrawals without income taxes.
Married Women's Property Rights in IndiaLegal Kart
MWP Act protects a married woman by ensuring that her property is not taken away by any third-party. A policy under MWP Act cannot be assigned to anyone else.
"The Case For Annuity," by Phil Wasserman. This book shows an unbiased view on annuities, how they can offer you secure income streams, and growth potential while having no market risk or volatility.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Webinar Exploring DORA for Fintechs - Simont Braun
BUSINESS INSURANCE-BY.P.T.PATIL
1. PRESENTED BY:-P.T.PATIL DOLIC HUBLI III
Training Materials for Agents
&
Not for Private Circulation
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2. Planning to Insure Your Business
Your business is unique.
Your business needs a business
insurance plan that fits your business.
Here we look at the preparations and
considerations necessary to properly
insure your business.
When considering what types of policies your
business needs, it can quickly become very
confusing to keep the terms straight. An easy
way around this dilemma is to keep in mind that
all business insurance and all policy types cover
one of four things: property, liability, people or
income.
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3. Planning to Insure Your Business
Property: The property used in your business
such as the structure you do business in or the
vehicles used in your business need to be
protected.
Liability: No one is perfect, your business may
make a mistake and, especially if your business
is open to the public, there is always the chance
your business will be held liable for an injury or
error.
People: At the heart of every business are its
people. You and your officers, managers and
employees are the company's greatest assets
and must be protected.
Income: Without income the business does not
survive
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4. Planning to Insure Your Business
Most home-based businesses will be sole
proprietorships or partnerships. As such, the law
sees you and your business as inseparable. If a
liability claim is successfully made against you
and your insurance isn't adequate, then you face
losing your personal assets, including your
home. It's one thing to lose money when a
business fails — it's quite another to lose your
family home because you failed to insure
yourself adequately.
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5. Planning to Insure Your Business
To Get
‘MILLION DOLLER’ Advice ? &
To Protect Your Business
Contact Our LIC Advisor
Buy your tomorrows today
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6. Planning to Insure Your Business
Want to
Achieve your
Financial
Goals?
Select an
Advisor,
not a product
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7. Planning to Insure Your Business
Making money is easy. Keeping it is the hard part
TIME VALUE FOR MONEY
8. Planning to Insure Your Business
When it comes to financial planning,
Life Insurance is your Life Jacket.
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9. Planning to Insure Your Business
SAFETY
3 “S” SECURITY
STABILITY
MARRIED WOMEN PROPERTY ACT
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10. Planning to Insure Your Business
CREATION OF IRREVOCABLE TRUST
THROUGH LIFE INSURANCE CALLED
MARRIED WOMEN
PROPERTY ACT
INSURANCE
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11. PLAN TODAY FOR BETTER TOMORROW
Financial Protection
Flexibility to start
Flexibility to start
at any stage
at any stage
Solution Disputes settlement
Disputes settlement
Estate Protection
Estate Protection Estate building
MWP
Policy
Professional
Provides
Tax Advantage
Tax Advantage
Indemnity
Income Protection
Protection against
Protection against
Income Protection
Creditors
Creditors
No changes
No changes
in Lifestyle
in Lifestyle
12. SECTION 6 OF M.W.P.ACT 1874 PROVIDES,
Any Married can take a Life Insurance Policy on his own
life expressed on the face of it for the benefit his wife,(
his wife & children or any of them. Such a policy shall
ENSURE deemed to be trust for the beneficiaries so
expressed & shall Not ,so long as the object of the trust
remains, be subject to the control of the husband or his
creditors or form part oh his ESTATE
Under MWP, there will be 3 separate bodies namely
1) life assured 2) trustees 3) Beneficiaries
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13. WHO CAN TAKE M.W.P.POLICY
• Any Married Man (including widower or Divorce
(Not a Bachalor or Women) what is important that to
become eligible for taking this policy male member
should have once married and subsequent to this
his wife may have expired or divorced. It is not
necessary that wife should be alive as on taking the
policy.
• Male married proposers who are Non-resident of
India.
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14. WHO CAN TAKE M.W.P.POLICY
Women, even if married and having her
independent income and estate can not
effect a policy on her own life. And also
male member who is unmarried or about
to be married through shortly after issue of
the policy can not take the policy under this
act
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15. WHO CAN BE THE BENEFICIARY
1)Wife alone,
2)Any one or more children alone or the wife and
3)Any one or more children together. In above
definition, the word 'children' means children by
blood only of the proponent. However, if the
proposer is Hindu alone, then even adopted
children are also included in the definition of the
word of children.
4)Can provide with equal or unequal shares in policy
monies. If the proposer has more than one legally
married wives,All of them will take jointly as wife as
a class.
5)It is not necessary he should have a child in
existence on the date of proposal.
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16. WHO CAN BE THE BENEFICIARY
Hence, Mohamedan Proposer have to
appoint beneficiaries by name only who are
living and existing at the time of proposal and
also must mention respective shares of the
different beneficiaries which may be equal or
specified unequal shares.
Provision of contingent or alternate
beneficiaries is available. But it is not available
for Mohamedan proposer.
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17. WHO CAN BE THE BENEFICIARY
The position in case of Muslim (Mohamedan)
Proposer is as follows:-
• Under the Mohamedan law, a gift by way
of trust subject to any condition can not be made
in favoure of an unborn person.
• Similarly no provision can be made for the
benefit of wife as a class or children as a class.
Mohamedan Proposer can not provide
beneficiaries jointly or survivor or survivor of
them i.e joint tenancy.
• Hence, Mohamedan Proposer have to
appoint beneficiaries by name only who are
living and existing at the time of proposal
and also must mention respective shares of
the different beneficiaries which may be equal or
specified unequal shares.
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18. WHO CAN BE THE BENEFICIARY
Where appointment of more than one beneficiary
is made under the policy, it may be made either
as 'Joint tenant' or 'tenants-in -common'. On the
death of last surviving beneficiary, the entire
policy money will be payable to the legal
heirs of such last survivor but not to all legal
heirs of all deceased beneficiaries.
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19. Benefits:
• When you purchase your Policy under
MWP act, you are making sure that the
claim amount be distributed among the
mentioned beneficiary equally or
unequally as specified by you.
• Please understand that you cannot
appoint a nominee under this policy,
since nominee is the person who is just
authorized to receive the amount but not
use it.
• You can appoint Specific beneficiary in
the form of your wife or Children or Joint
beneficiary with specific amounts.
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20. Benefits:
• The Claim amount will be held as trust and
this will not be added in your estate. So Your
Creditors will not have any right on it.
• You can appoint Specific Trustees for claim
proceeds which they will held for the benefit
of beneficiaries and if permitted by the trust
deed use it as per instructions.
• You can appoint any corporate or bank as
specific trustees.
Thus if you want your claim proceeds to be
used for the benefit of your wife and children,
then you can use this act for your benefit.
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21. PLANS UNDER WHICH MWP ACT POLICIES CAN BE ISSUED
All plans where life assured and Proposer are same.
Joint Life Endowment Assurance Plans like Plan 89
can not be allowed.
Policies financed through provident fund or
DSOP fund can not be allowed, since these
polices will be required to be assigned to provident
fund and DSOP.
Children Deferred Assurance Plans and Policies on
the life of another can not be taken under this Act.
All types of annuities plans are allowed provided life
assured and Proposer are same one.
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22. APPOINTMENT OF TRUSTEES
The function of the trustee or trustees under
MWP act policy is to receive policy money on
claim arising and carry out the objects of the
trust. Where the beneficiaries are all majors,
the trustees will pay to the beneficiaries
the claim amount received from the LIC
unless they have been given specific
directions to the contrary by the person
creating the trust.
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23. APPOINTMENT OF TRUSTEES
Proposer may even appoint a corporate
special trustee i.e a bank or an executor
and trustee co; instead of appointing
individual as a trustee.
Where the beneficiaries are all minors, the
trustees will hold the amount for the
benefit of the minors
Life assured can not be work as trustee,
since sec 6 of MWP act provides that
policy shall not be subject to the control of
the husband.
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24. APPOINTMENT OF TRUSTEES
Special trustees appointed under MWP act
policies would be in the position of trustees
generally and would have all powers and be
subject to all the liabilities and duties of
trustees as defined under the Indian trust act.
Where special trustees have not been
appointed, the policy money at the time of
claim is payable strictly to the official trustee
of the state where the policy is issued.
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25. CANCELLATION OF APPOINTMENT OF EXISTING TRUSTEE
OR APPOINTMENT OF NEW TRUSTEES
A trustee once appointed in the addendum to
proposal or by way of the deed poll can not
be removed by the life assured, unless there
is a specific power reserved to him therein.
Where revocation of the appointment of existing
trustees and appointment of new trustees in their
places is desired , the assured will be required to
execute a deed poll of revocation of old trustees
and appointment of new trustees. The deed poll
will have to be stamped as per requisite stamp
value of the state.
If original trustee have availed any loan
under the policy and life assured seeks for
cancellation of existing trustees and appointment
of new trustee, then alternate trustee or new
trustee may have to accept the old liability.
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26. SETTLEMENT OF MATURITY / DEATH CLAIM
If payment is being made in favor of
beneficiaries and there are one or more than
one minor beneficiaries, or all of them are
minor, payment may be made to the natural
guardian/s OR Legal guardian by the court of
Law, of the beneficiaries.
Maturity claim and Death claim directly to
beneficiaries if the same are named major.
If the sole beneficiary dies, clearly their legal
.
heirs will not have any interest in the trust.
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27. ALTERATIONS IN POLICY AND EXERCISE
OF OPTIONS UNDER THE POLICY
Where the alterations are beneficial to
the beneficiaries as a whole with
consent of life assured alone if
beneficiaries are minor trustees may
apply for alteration.
If beneficiaries are major then life assured
and beneficiaries can apply jointly for
alteration.
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28. ASSIGNMENT AND NOMINATION
Assignment or Nomination by the assured is
not permissible.
A nomination by the beneficiary is also not
permissible.
The special trustees can assign the policy
but only by way of a mortgage with the
right of redemption reserved.
The special trustees can not assign the policy
absolutely.
The trustees can not nominate anyone to
receive the policy money.
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29. LOAN UNDER THE POLICY
If life assured has given the powers to
trustees to raise loan from LIC only for the
benefit of beneficiaries by filling the requisite
addendum at the time of submitting the
proposal, then only loan can be raised.
Life assured can give wider powers to trustees
to raise loan from LIC during the minority of the
beneficiaries or even if the beneficiaries
If loan was granted to the beneficiaries
where no special trustees are appointed, the
reassignment on repayment of loan would be in
favour of the beneficiaries.
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30. SURRENDER OF THE POLICY
Surrender of the policy would be the four
party agreements between LIC, the life
assured, the trustees, and all the
beneficiaries who must be major and
competent to contract.
Application of surrender of policy, surrender
discharge form must be signed by the
assured, beneficiaries, trustees jointly. The
surrender value in such case must be paid
over to trustees only.
when the beneficiary is minor, it can be
done only with the permission of the competent
court.
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31. REVOCATION OR CANCELLATION OF TRUST
A trust under 6 of MWP act is irrevocable in
the sense that life assured alone can not
revoke the trust under the policy.
Where all beneficiaries are named, major,
competent to contract and are of one mind, then
with the consent of all beneficiaries, life assured
can revoke the trust.
The consent of alternative/ contingent
beneficiaries is required to be taken.
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32. ISSUE OF DUPLICATE POLICY / LOSS OF
POLICY DOCUMENT
Where the policy is lost at hands of
trustees, Or by the Life Assured or by the
Beneficiary the indemnity bond may be
executed by the respective parties.
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33. DIVORCE OF WIFE AFTER ISSUE OF POLICY
If the wife is the beneficiary named in
the policy document the policy would
continue as a trust in favour of the
divorced wife and would not belong to
the assured in spite of divorce.
Hence, for entertaining any such
request, the divorce decree must be
called.
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34. DEATH OF BENEFICIARY
On death of the one of the beneficiaries,
the trust will work for the surviving
beneficiary/ beneficiaries.( but not for legal
heirs of deceased beneficiaries )
The assured can not replace a beneficiary in
place of the deceased one.
The heirs can obtain legal evidence of title
from court of law. Thereafter, he can execute
a deed poll of release from the MWP TRUST
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35. CHANGE OF BENEFICIARIES
It is not open to life assured to make
any changes in the trust by deleting any
beneficiaries or by adding any new
beneficiaries.
In case a beneficiaries is a minor
(applicable for alternate beneficiaries),
no change of beneficiaries is allowed.
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36. DEATH OF TRUSTTES
If the appointment of trustees was jointly
or survivors or survivors of them or as
one trustee and an alternative trustee are
there, then there is no need to take any
action.
The other or alternative trustees will come
into operation.
If the trustee was sole trustees has died,
the assured may be suggested to have a
fresh trustee appointed.
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37. CANCELLATION OF A PREVIOUS POLICY & CONVERTING
THE SAME INTO MWP ACT POLICY IN LIEU OF FORMER ONE
It is possible to cancel the existing policy not
issued under the provisions of the act and in
its place issue a fresh policy under the MWP
act.
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38. Eg:- TELGI - Took a policy under MWPA and now
though he is arrested and property attatched, his
family enjoys same life style by surrender cash
value of the policy
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39. HUF Insurance
A Hindu Undivided Family (HUF) is the creation of
the Hindu Law; an HUF consists of all persons
lineally descended from a common ancestor
including their wives & unmarried daughters.
Sometimes HNI clients opine that in their absence a
huge amount of wealth going to Their wife and/or
son may not be the best arrangement and may spoil
them, so on and so forth. Another provision of
income tax that can come handy is the Hindu
Undivided Family clause. An HUF created by the
client or of which the HUF is a co-parecener (male)
/member (female) can propose life insurance on the
life of any of its coparecener / members. The effect
is that the maturity/death proceeds do not go to any
one individual but become a part of the HUF corpus
thus benefiting the entire family and used for such
purposes as may be desired by the client, rather
than being squandered away by 1or 2“black sheep”
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40. Key Person Insurance (KPI)
Under KPI, a business can protect itself against
economic setback in the event of death of its key
personnel; the business by having such risk
management practices in place can attract better
talent, have the trust of creditors, bankers, vendors,
clients etc. and can have a business continuation
/succession plan in place. Under KPI, the
company/firm proposes insurance, pays premium
while the life insured is the KP. Premiums paid
under KPI are allowed as expenditure under section
37(1) thereby helping the firm reduce its profits for
the year and thereby lowering taxes.
Claim, if any, is payable to the firm as compensation
/corpus to undertake necessary expenditure in
hiring and training a replacement of the KP, thereby
allowing business continuity and free from
disruptions.
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41. Partnership Insurance (PSI)
A firm has insurable interest in the life of its
partners and can buy insurance on the lives of
partners. Like KPI, a partnership firm can protect
itself against interruptions to business,
interference from family members and costly
litigation in the event of unfortunate death
of a business partner. Again, premium paid by a
firm for keeping a policy on the life of a partner in
force, is deductible as business expenditure under
section 37(1) and claim, if any is payable to
the firm. HNI clients who are in business and in
arrangements such as partnerships can secure
their business, built with sweat and intellect;
ensure that the business continues to exist For
future generations and carries their dream forward.
Note: Only Term Insurance is permitted under KPI
and PSI.
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42. Employer-Employee Insurance (EEI)
HNI clients, who are in business or in high ranking positions
with organizations can consider arrangements to increase
loyalty of their employees and in turn improve motivation
and reduce turnover in this era of high aspirations of
employees. Employer-Employee insurance arrangement
permits a business to pay premiums for life insurance on the
life of their employees (not necessarily KP) and allow the
benefits to accrue to the employees. Unlike KPI or PSI
above, EEI claim proceeds are payable to employee/their
beneficiaries only and no benefit accrue to the employer.
Due to this, the premiums paid on behalf of employees are
treated as perquisite in the hands of the employees under
section 17(2) and can in turn be claimed as deduction from
income under section 80(c). Arrangements can be made
where the employer is the Proposer (scheme A) or the
employee (scheme B) itself is Proposer and Life Insured
while the Employer is only the premium payor.
Note:
All type of insurance plans can be pitched under EEI,
including pension plans.
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43. PLAN TODAY FOR BETTER TOMORROW
Living for the Moment, without a thought for
Tomorrow, is a foolish investment in the Future
44. PLAN TODAY FOR BETTER TOMORROW
PRESENTED BY:-P.T.PATIL DOLIC HUBLI III
CELL NO.9448133179
E-MAIL- patil179@yahoo.co.in
Disclaimer:
The views mentioned above are of the author only. Data
and charts, if used, in the article have been sourced from
available information and has not been authenticated by
any statutory authority. The authors do not claim it to be
accurate nor accept any responsibility for the same