HUF Insurance Policy Services

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A Hindu Undivided Family, which is also known as Joint Hindu Family is governed by Hindu Law.
An HUF consists of all persons lineally descended from a common ancestor and have not separated and include their wives and unmarried daughters. The head of the family is called ‘Karta’ who is solely responsible for all the affairs of the family. The members of the family are called co–parceners who acquire interest in thefamily by birth. Co–parceners are admitted to the benefits of the family, but they are not liable to the commitment of HUF during their minority.
In view of the separate legal provisions especially in income tax law, the HUF has important significance in life insurance –LIC insurance policy is taken by the Karta on his life or on the lives of co–parceners. where under premiums are financed by HUF funds. As per the law relating of HUF, all income earned with the property of HUF, shall belong to HUF. As such where policies are taken on the lives of members of HUF and premiums thereunder are paid out of HUF funds, insurance amount when due would belong to HUF and it becomes a part of assets of HUF. However, under policies effected by the co–parceners. on their own lives and where under premiums are paid out of their own separate income, policy moneys when due become the part of the estate of the lives assured. It is also important to note that neither the Karta of HUF nor any member thereon can take out policies on their own lives for their own benefits or for the benefit of their dependants and finance them to the detriment of joint family funds. If, therefore, policy is financed through HUF funds irrespective of contractual positions enumerated in the policy document, with regard to the title thereto, the policy would belong to HUF entirely and as such the policy moneys would be payable only to the Karta of HUF who represents HUF as Manager. However, a member of HUF can take a policy on his own life for the benefit of his immediate family, provided the premiums thereunder are not paid from HUF funds.

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LIC Agent Bengaluru

Residency Road, Bengaluru, Karnataka
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A Hindu Undivided Family, which is also known as Joint Hindu Family is governed by Hindu Law.

An HUF consists of all persons lineally descended from a common ancestor and have not separated and include their wives and unmarried daughters. The head of the family is called ‘Karta’ who is solely responsible for all the affairs of the family. The members of the family are called co–parceners who acquire interest in thefamily by birth. Co–parceners are admitted to the benefits of the family, but they are not liable to the commitment of HUF during their minority.

In view of the separate legal provisions especially in income tax law, the HUF has important significance in life insurance –LIC insurance policy is taken by the Karta on his life or on the lives of co–parceners. where under premiums are financed by HUF funds. As per the law relating of HUF, all income earned with the property of HUF, shall belong to HUF. As such where policies are taken on the lives of members of HUF and premiums thereunder are paid out of HUF funds, insurance amount when due would belong to HUF and it becomes a part of assets of HUF. However, under policies effected by the co–parceners. on their own lives and where under premiums are paid out of their own separate income, policy moneys when due become the part of the estate of the lives assured. It is also important to note that neither the Karta of HUF nor any member thereon can take out policies on their own lives for their own benefits or for the benefit of their dependants and finance them to the detriment of joint family funds. If, therefore, policy is financed through HUF funds irrespective of contractual positions enumerated in the policy document, with regard to the title thereto, the policy would belong to HUF entirely and as such the policy moneys would be payable only to the Karta of HUF who represents HUF as Manager. However, a member of HUF can take a policy on his own life for the benefit of his immediate family, provided the premiums thereunder are not paid from HUF funds.


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HUF Insurance Policy Services

About the Company

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IndiaMART Member SinceApr 2017

We are LIC's Officially authorised & recognised IRDA certified LIC Agent / Advisor in Bangalore since 18 years, providing Professional & value based Insurance services to our esteemed clients not only in Bangalore, but across India & Globally (NRI clients).

We provide continuously ONLINE & OFFLINE support to our clients right from choosing the plan, Opening of LIC policy to till maturity claim settlement.

We have 1000+ happily satisfied customers from all walks of life from India and abroad.

We just don't sell policies, We provide need based solutions according to the individual need of the customers.

We are best known for our professional approach and honest advice.

We feel happy and privileged to meet our clients at given point of time, which makes as easily accessible to our clients.

We have many Awards & achieved many laurels & honours in LIC, by achieving highest recognition among the Advisors in LIC and also internationally.

We are rated among top Agents / Advisors in Bangalore

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Ashni

Office No. 4, Canara Mutual Building, Residency Road
Residency Road
Bengaluru - 560025, Karnataka, India

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