Marital insurance

Dear Dr.Tripathi, it is Briliant idea. Does it mean on the bassis of fault liability like the MACT?

With great respect to Mr. Tripathi,

The idea is not practical.  The insurance companies enter the area where there is profit.  In this particular area, there is no profit.  The insurance companies practice only in an area where there is risk element and the incidents happen beyond our control.  Whatever precautions one may take, there is a scope of eventuality, which may attract insurance payment.  Take the case of either road accidents, fire accidents, floods, crop disaster or draught.  In all of these things, in normal conditions (there are exceptions), human involvement is not there so that to create such an eventuality where one can claim.

As the completely irretrivable break-down of marriage is nothing that husband and wife do not adjust themselves.  Such is the situation in the case of divorce on the ground of cruelty or desertion.  The cunniving couple can insure their marriage for a huge sum and after one year or two years on any ground  seek divorce and can claim insurance.  The common human being has not raised to such high ethical and moral level, only in genuine cases, they seek insurance claim.  The insurance inspectors also cannot refuse the claim as cunniving couple come with water tight schemes to milch the insurance claim. 

THE IDEA IS VERY GOOD, BUT IRDA HAS TO GO IN TO IT CONDUCT SOME WORK SHOPS, EVEN INITIATE SOME SCHOLARS TO DO RESEARCH. GIVE IT AS TOPIC TO SOME ORGANISATION/NGO/UNIVERSITIES  TO COME OUT WITH SOLUTION. 

THE PVT INSURER ARE GREEDY IN MAKING MONEY THEY SHOW ANOTHER 498A STORY, AS PER MY EXPERIENCE WITH THESE GUYS.

ANY HOW ,SOME INNOVATION MUST BE BROUGHT TO THE ABOVE AREA /NECESSARILY SOME ACT HAS TO BE MADE OR AMENDED IN THE( EXISTING )MATRIMONIAL ACTS. 

If MVA is a piece of social welfare legislation why not it covered  matrimonial cases too for a spouse who falls in the hands of unfortunate spouse?

Thank you friends for taking interest in the topic. In my speculation  the people will take more interest in matrimonial insurance than life or any other risks. The insurance companies will work out the modalities and risk coverages. Litigation risk may also be covered and as a social obligation as well as for their own benefit the insurer may make a scheme for mediation and reconciliation of  disputes  providing  the spouses a common platform to resolve their misunderstandings and points of difference. In my opinion, one of  the main reasons for matrimonial disputes is lack of communication and common guardian. The isurer may fulfil this gap also.