The Hindu community has primarily believed in the concept of joint families, joint income, and joint property that is shared and enjoyed by all family members. This concept is 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. A HUF typically consists of people who have lineally descended from a common ancestor and will include their wives and unmarried daughters.
The Karta is the family head. The Karta 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 end even after the death of a Karta for up to four generations. If the Karta passes away, the oldest surviving male member acts 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, and daughter-in-law cannot be a Karta in their in-laws' family. This is because the Hindu Succession Act, 1956, overrides Hindu Law.
Benefits
To get insurance cover under the HUF scheme the following documentation is required: (Note: Documents 3 and 4 are required wherever financial guidelines are applicable as per the Matrix)
PRODUCT OFFERED
MOST APPROPRIATE SEGMENT