Currently, there is an increase in the number of people taking health and life insurance after the Corona epidemic. In such a case, if you are planning to take term insurance (life insurance) it should be taken with MWP Act. This gives your insurance cover money to your family only. No one else has the right to this money. Here today you are told about the MWP Act.
What is the MWP Act?
Section C of this Act states its importance: An insurance policy, which a married man has taken on his life, must ensure that his wife and children or any one of them will get the benefit. Apart from this, any of the husband's creditors will have no right over it. That is, under this Act, the husband's insurance trustee is his wife and children.
Only married person can buy this insurance policy. The beneficiary of the insurance policy should be his wife and / or their children. Even if the woman is divorced or widowed, she can buy an insurance policy with AWP Endowment. A married woman can also buy this insurance policy, in which the beneficiary can have her children.
Only one trustee can be appointed. In this case the trustee will get the amount of the insurance policy, which he can use for the benefit of the beneficiary.
How to take term insurance under MWP Act?
Anyone can take term insurance of any company. Online insurance planning can also be done under the MWP Act. This is very simple. When filling out a form for purchase of any plan in your spouse or your family, be sure to ask this question: I want to purchase this policy under the Married Women's Property Act (1874). Select Yes to answer this question. The beneficiary or trustee must then provide information. Namely, name, relationship, date of birth, percentage of benefit etc. The husband can name the wife and children in it. Multiple beneficiaries can be added together.
MWP Act required for these men
Businessmen and salary earners who have loans or other obligations. People who want to protect their spouses and children from creditors / relatives. The intentions of such people can be deceptive. The amount of term life insurance can be large, which can save the future of the family when the husband dies. Therefore, under the MWP Act, taking out term life insurance can be a good decision for everyone.
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