“For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Agenda Employer – Employee Insurance Insurance under MWP Act HUF Partnership Insurance Key Person Insurance Why Business Insurance? “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
“For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Employer – Employee My Assets “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
What is Employer – Employee Insurance? A Life Insurance policy bought by Employer on the life of Employees, for the benefit of Employees “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
How Employer – Employee Insurance works? Employer pays the premium Employees get the benefit of Life Insurance “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Why should Employer – Employee Insurance be bought? Excellent tool for employee motivation & retention Promotes business continuity for long term Enjoy associated tax benefits “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Tax Benefits The amount of premium paid by the Employer shall be allowed as business expenditure from the Profits and Gains of Business and Profession of the Employer under Sec. 37(1) of the Income Tax Act, 1961 Reduced tax liability for the employer “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Tax benefits Premium paid by the employer is treated as perquisite in the hands of the employee under Sec. 17 (2) (v) of the Income Tax Act , 1961 Premiums are deducted under Sec. 80C for the employee and the policy proceeds are exempted from tax under Sec. 10(10D) of the Income Tax Act, 1961 “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.” Tax benefits areas per prevailing tax laws. Tax laws are subject to change
Employer – Employee Insurance: Benefits “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
“For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
What is MWP Act, 1874? Under Sec. 6 of the MWP Act, The Policy taken 1874, a trust can be created under MWP Act is for the exclusive benefit of assigned to the the wife and children of a trust married This policy is protected Only Wife or children, any against any attachment of them or all of them can even under a Civil Court be the beneficiaries decree “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
How Insurance under MWP Act works? Married Man Creation of trust for the Wife and/or children EXCLUSIVE benefit of “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Who can be the trustee? Any individual Two or more persons Any organization “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Can the policy be altered? • Yes, with the permission of the beneficiaries • If the beneficiary is minor, then court permission is required “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Who should buy policy under MWP Act? “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
What happens to claims/proceeds In turn trustees Maturity Amount paid to pay the amount Proceeds/Death trustees to the Claims beneficiaries CANNOT BE CLAIMED BY CREDITORS OR ATTACHED BY ANY COURTS “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
MWP Act – Benefits Creates an ENCUMBRANCE – FREE estate for your family Serves as Professional Indemnity to meet personal and professional needs “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
What’s in it for you? Savings for the exclusive use of your family only ensured Impact of litigation on your family minimized Peace of mind by ensuring protection of family from the creditors “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
“For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Hindu Undivided Family HUF is defined as all persons LINEALLY DESCENDED from common ancestor, including wife & unmarried daughter *In Maharashtra, even married daughters can be the member of HUF “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
HUF Tree Unmarried daughter (Sushma) Daughter & Son- Mrs. & Mr. in-law (Urmila & Grandson Mohit Ramlal Gupta Mohan) 1 st HUF Son & Daughter- Grandson & His in-law (Rajkumar wife (Rakesh & & Neeta Reena) 2 nd HUF 3 rd HUF “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
Income of HUF “For internal circulation and training purposes only and subject to change without prior notice. Aviva will not be liable for completeness or accuracy of content, any loss, direct or indirect, arising from the use of this content. Any unauthorized use is prohibite d.”
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