Each Family requires 1 Crore and Married Women Property Act

Coimbatore Management Association, affiliated to All India Management Association, New Delhi is one of the oldest management associations in the country. It was established in 1954 with an objective to nurture and promote excellence in professional management.
The services of the association are oriented towards promoting and developing best management practices in management education, business and industry. CMA organizes regular Weekly Talks, Seminars, Workshops, Industry-Institute Events and Management Development Programs.
The topic of discussion this week was ‘Maintaining the Standard of Living and Married Women’s Property Act’. The speaker Roschelle Vaz, is an Insurance professional with 19 years of experience. She is working with a reputed firm- Tata AIA Life.
Holding a Post-Graduate degree in commerce, she completed certification on Wealth Management, Financial Markets, Securities Market and Investment analysis. Currently she is pursuing her Fellowship in the Insurance Institute of India.
Explaining the importance of ‘Maintaining the Standard of Living’ Roschelle said, “each family knowingly or unknowingly requires a minimum of One Crore to maintain a decent standard of living.
One should not touch the principal amount put in banks but needs to capitulate on the interest received on the same. Insurance is a common term heard today and is very much required in today’s world. A family can be found having 45 insurances under the same or different names- all providing a variety of benefits.
What is most important is not taking up an insurance but to select the right insurance which most people fail to understand.” Talking about Married Women’s Property Act, she said, “in most cases, especially business people do not reveal the source of loan to their partners or other family members at home while rotating the money.
He must have taken money simultaneously from 10 different sources like friends, business partners, loan sharks and banks. But in the unfortunate occurrence of his sudden death the entire family is thrown into distress.
People will line in front of his house and take advantage of the situation with the wife or other family members going clueless. In these cases, with the Married Woman Property Act, none, including the court, can touch the amount which would be given to the beneficiary of the deceased. It is her money and she can do whatever she wants with it.
Another reason for bringing this act was to protect mothers from their childrens’ wrath. We often see how children often abandon mothers after getting married or after receiving the property; this act certainly gives an edge with the money remaining untouchable.
Roschelle said that she always advised her customers to add either the wife’s name or the husband’s as the beneficiary depending on who was taking the property.