. You can ensure that the sum assured is indeed passed on to your wife and children by taking a term insurance plan under the MWP Act.
For a married, male policyholder, availing of a term insurance plan under the Married Women's Property Act, 1874 (MWP Act) helps in protecting your family's financial interests in your absence.
Once a policy is availed under the MWP Act, it may not be attached by courts for repayment of your debts*.
Only your wife and children will be entitled to the sum assured in the event of your demise
policy of insurance effected by any married man
on his own life
for the benefit of his wife, or of his wife and children
term policy under the purview of the MWP Act will be considered as a trust.
Only trustees will have control of the policy including servicing, and the receipt of the benefit amount.
n case of a death claim, the policy proceeds are received by the trust and can only be claimed by trustees
cannot be claimed by creditors, relatives or form a part of the will
the financial future of your wife and children is protected.
your creditors will have the first claim on your policy proceeds in the event of your death.
When you buy term insurance under MWP Act, your wife and/or child(ren) will be the only ones who will have access to the claim amount
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.