What is the MWP Act, which people should use this option while taking insurance?

The number of people taking health and life insurance has increased significantly during the corona epidemic. In such a situation, if a consumer is planning to take term insurance, then it should be taken with the MWP Act. With this, the family gets the insurance cover for your family. Nobody else has the right to this money. Let us discuss the MWP Act today.

 

The first question is what is the MWP Act? It may also happen that the insurance amount is received by a relative or husband from where he has loaned or borrowed it. To avoid these type of situations, the male insured should take a term insurance plan under the 'Married Women's Property Act, 1874 (MWP Act). A term policy plan taken under the MWP Act 1874 is considered a trust. Only the trustees have the right over the benefit amount of the insurance policy. In the event of a death claim, the trust gets the money received from the policy, which can only be claimed by the trustee. No creditor or relative can claim it. The trust reserves the claim amount for the wife and children of the insured.

 

If the insured is self-employed, then it is very important for him to have term insurance; Even after the death of the insured, it will give financial security to your family, who can buy such a policy? Only such a married person can take such an insurance policy plan. The beneficiary of the insurance policy should be his wife and their children. If any woman is divorced or widowed, she can also buy an insurance policy with the AWP Act Addendum. A married woman can also buy such an insurance policy plan, in which the beneficiary can have her children.

 

How many trustees have to be made? Only one trustee can be appointed in this. In this case, the trustee will receive the amount of the insurance policy which he can use for the benefit of the beneficiary.

 

Before getting insurance, know which is better in a regular term plan and return of premium plan, which will give more benefits under the MWP Act?

 

-Any person can take term insurance of any company, as well as online insurance planning under the MWP Act. When you fill out the application form to buy a plan in your husband or your family, see the question in it: I want to buy this policy under the Married Women’s Property Act, 1874.

 

-Select Yes to answer this question. After this, the information of the beneficiary or trustee will have to be given. Such as name, date of birth, relationship,  percentage of profit share, etc. A policyholder can name his wife and children in it. Multiple beneficiaries can be added simultaneously.

 

- The policy of insurance which a married man has taken on his life should be sure to get the benefit of his wife and children or any one of them. Apart from these, no creditor (loan or lender) of the husband will have any right over insurance amount. That is, the trustee of the husband's insurance under this act is his wife and children.

 

For which person is the MWP Act very useful? The businessmen and the salaried person who have loans or other liabilities. People who want to protect their spouse and children from creditors/relatives whose intentions may be deceitful. The insurance amount received from term life insurance can be huge, which can save the future of the family if the husband is not there. Therefore, taking term life insurance under the MWP Act 1874 can prove to be a good decision for everyone.