Ferry Soft Financial Consultant

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Whom can you name as beneficiaries?
The beneficiaries defined in a policy that is covered under the MWPA can be your wife alone, just your child or children, or your wife and children together. As a policyholder, you can assign specific percentages of the sum assured to each beneficiary or divide it in equal amounts. However, once the policy has been issued, you cannot change the beneficiaries. So when you appoint your wife as the beneficiary and in case you both divorce, your beneficiary (wife) will remain the same.

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Who can opt for insurance under MWPA (Married Women Property Act)
If you are a resident of India and a married man, you can take an insurance policy under the MWPA. You can also purchase the policy if you are a widower or a divorcee—in such a scenario, you may name your children as beneficiaries. However, the benefit can only be availed while taking the policy, and that too if you buy the policy in your own name.

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What is MWP Act (Married Women's Property Act, 1874) ?
Under this act, Section 6 highlights it’s importance: "a policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate."

To be continued...

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Buy Life Insurance with MWP Act and Secure Your Woman's Future

Married Women's Property Act, 1874
Are you looking to purchase a life insurance policy to financially secure your wife and children in case you are no more? But what if your wife and children don’t get even a rupee out of the proceeds when they need it the most? This can happen if you have an ongoing home loan or a business that has incurred debts. In such a situation, the sum assured can be claimed by your creditors or attached by the court for repayment of your debts. But there’s good news: You can avoid this by simply buying your life insurance policy under the Married Women's Property Act, 1874.

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What is insurance?
Insurance is a way to manage your risk. When you buy insurance,
you purchase protection against unexpected financial losses.
The insurance company pays you or someone you choose if
something bad happens to you.

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Benefits of Car Insurance:

All the states in India require a minimum amount of insurance. Car insurance can help offset the loss of huge sum in the following manner:

Provides benefits to survivors when an accident results in death.

It covers lawsuits, including legal fees brought against you as the result of an accident.

Covers the bills of vehicle repairs due to damage caused in an accident.

Covers damage caused by other than an accident for example, theft, fire, etc.

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