Kavitha Menon's Blog

Kavitha Menon If one dies intestate i.e. without a will, then ones assets are devolved as per the applicable personal law. The legal heirs need to apply to court and go through very lengthy documentation. Based on the laws of succession that are diverse and complicated, the property will be divided between legal heirs. Children, spouse and relatives can also stake claim to the property and in the case of large stakes lengthy legal battles ensue. It's a common belief that appointing second holders or nominees in various assets will ensure that the property passes to such second holders/nominees. In the eyes of the law, a nominee (including a nominee appointed in insurance policies) is a trustee and he need not necessarily be a beneficiary to a will. He or she is merely a caretaker and the right to the property passes by will or if there is no will, under the personal law of the deceased. Such nominee will be legally bound to transfer the nominated property to the beneficiary of the

Regret buying that expensive insurance policy? . There is hope of getting back back your money if you act soon enough . Often investors end up buying insurance products from hard selling agents without being sure of product payoffs . After you purchase the product you may realize that the insurance cover is inadequate , or that a large part of your premium has gone towards advisor fee , or that the policy document contains certain exclusions or conditions that you had not been informed of earlier. Fortunately there is an option to take an exit from these products . We are referring here to the 15 day FREE – LOOK in period that the IRDA has made mandatory for all life insurance products. The Free Look in Period a period starting from the date of receipt of policy document ,in which the insurance company agrees to pay back your premiums without charging the investor any mortality charges . Up to the end of this period, you are free to re-think and reverse your insurance purchase decision