I want to take a term insurance but one question has been bothering me. If I happen to die within the term then my wife will get the insurance amount. She may decide to remarry after getting the insurance amount leaving my parents without much support. Is there a way to put clause that my property/insurance will be paid in parts every year to wife only as long as she does not remarry?
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There is no such policy in term assurance. But there are policies where the claim amount can be paid in annuities also.
But the condition to not remarry to avail the insurance claim amount cannot be imposed because there is no such provision in law for that.
1.The inheritance open once the person dies to his legal heirs which include his wife,children and mother.
2. So your wife and mother both will get the benefit and your wife will not alone get everything.
3. You can no way put such restrictions as once she gets her half share she can remarry at her will.No one can stoo her.
4 however if you wish you can make a Will so as to deprive her from receiving your proeprty.
you can execute will wherein you mention that your wife and parents shall receive insurance proceeds on your demise
2) since your parents would be receiving 50 per cent of amount their old age would be secure
3) you can also execute nomination in LIC policy in name of your wife and parents
Thank you sir. One question though, you said inheritance opens up to legal heirs once a person dies, blood relation does remain legal heir till their life time. But if wife remarries after two years of death, she joins another family and would be heir to that family going forward, she is no more part of my family. Shouldn't there be a way to ensure my wealth remains with my family? Is woman eligible for multiple inheritance by the way of marriages?
Even if wife remarries on your demise she would be entitled to inherit your property
2) hence advised you to execute will wherein your parents would be entitled to 50 per cent of your assets on your demise
3) there is no bar to inheritance of property by widow . She is at liberty to remarry on her spouse demise
If your wife is nominee she will get the amount in the situation you mentioned. To avoid this you can put the names of your parents or anyone else who you trust can do justice in the situation you fear.
Needless to say, there cannot be a condition when you are placing a nominee.
If the wife remarries before allotting any share to her in the property of the decesed then she cannot claim any share in the deceased properties as a legal heir because she is no more a legal heir to the deceased.
Similarly, if she has already been allotted with her respective share from her husband's property, then the same will become her own and absolute property.
Her decision to marry someone after that will not change her status or position.
The so allotted or inherited property shall remain as her own and absolute property.