Insurance amount

Originally posted by : vij
	I have Insurance policy and nominee is my mother. I have below question? In my absence, Is wife has any legal right to claim my insurance amount. Thanks

Wife can claim in your absence.  Long court battle awaits your mother.  If wife is not nominee, make her nominee along with ur mother.

Nomination in joint names or two names is not possible.

If you intend to give the benefit only to your mother alone, you may write a gift deed to your mother in addition to nomination.

Nomination is for settlement by the Authority's in one name without delaying the process of settlement, and once nomination is settled it is presumed that the nominee holds the funds on behalf of all legal heirs/joint sharers.

There is a mistaken impression that once nomination is given that entire amount belongs to that nominee alone.

The presumption is that premium is being paid on self acquired income and no one can question such dealing of one's own money settlement/gift to any one.

Thanks helping hand and prasad...

Mr. Prasad is not entirely correct. If you had made nomination of your mother before marriage, that nomination becomes invalid on your marriage. Only wife can be nominee after marriage for insurance or provident fund. Premia are paid over a period of several years and there is nothing like paying the premium from self-acquired income or other income. Premia can be paid by one's own father, mother or wife also and not by any other person. This is because there is presumption others may have a vested interest in your death.

Thanks Ramani and all..

How to ensure..only my mother should get my money not my wife...

I have legal disupute with my wife.. 

I took policies before marriage and nominee is my mother..

Thanks