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HUF Insurance
The Hindu community has largely believed in the concept of joint families, joint income and joint property that is shared and enjoyed by all the members of the family. This concept is now recognised as a legal expression in the form of the Hindu Undivided Family (HUF).
Under the tax laws, even Jain and Sikh families can set up HUFs. Typically, an HUF will consist of people who have lineally descended from a common ancestor, and will include their wives and unmarried daughters.
The family is headed by a patriarch, the Karta, usually the oldest male, who makes decisions on economic and social matters on behalf of the entire family. While the senior members are called the Karta (manager), the male members are known as coparceners, and the females are referred to as members.
The HUF will not come to an end even after the death of a Karta for up to four generations. If the Karta passes away, the oldest surviving male member can be appointed as the new Karta
A woman can become a Karta provided she is the daughter of a coparcener or Karta. However, the married daughter, wife, daughter-in-law cannot be a Karta in their in-laws family. The Hindu Succession Act, 1956 overrides Hindu Law.
Employer Employe Insurance
Employers buy Employer Employee Insurance in order to provide additional benefits to their employees while also aiming to retain employees. These policies can be bought on the basis of certain conditions such as minimum years of service or completion of project or creation of retirement corpus
It is a common trend for most companies to provide their employees with insurance. The premium paid by the organisation is treated as an expense under section 37(1).
Keyman Insurance Shcheme
The purpose of Keyman Insurance is to protect a business firm against the reduction in profits resulting from the death of a valuable and important person to the business entity. Loss may be grouped into two broad categories-reduction in profits and cost of replacement.
"Coverage You Can Count On, Protection You Deserve."
NRI Insurance
Be a trusted source of protection to clients to work abroad
A person who holds an Indian passport but stays outside India for more than 182 days in a year is termed as a Non Resident Indian. Similarly, a person who either previously held an Indian passport and now has a foreign nationality, or whose parents are/were Indian, or who married an India is known as a Person of Indian Origin (PIO). KLI can insure NRI (Non Resident Indian), PIO (Person of Indian Origin). A foreign national can also be insured if he has an Indian PAN card, Bank account and Indian income.
Married Women's Property Act
Married Women’s Property Act – Section 6
A policy of insurance effected by any married man on his own life, and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them, according to the interest so expressed, and shall not, so long any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate.
Partnership Insurance
Help firms mitigate risks and manage liabilities with our protection.
Partnership Insurance is primarily bought by a partnership firm with the lives of the partners being ‘life to be insured”. This is in order to provide for funds to be paid to the legal heir/s of a partner towards his/her share in the capital & profits in the firm in the event of his/her untimely death
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We are fully transparent in all our dealings. There are no hidden charges. At Kotak Life Insurance, we focus on catering to your requirements. We take the privacy and security of your data very seriously. Your data is stored only in government-approved data centres. We are committed to protecting your data and privacy, we neither sell nor share it without your consent.
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