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iViARRÅED WOMAN PROPERTY ACT.
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Objective. Knowing the benefits of.... What is all about buying Life Insurance under MWP Act? - Succinct FP.
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About the MWP act Who can avail it Which policies can be covered How it works What to do to avail it Where is it available What are the cost to avail it Challenges in availing it.
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Situation 1. Mr. Agrawal is a businessman, running his business. There are three members in his family. His Wife, Surekha , Son Arnav and the daughter Diya. The business is not in good condition as on date, so he has taken credits from the market and the bank too for running the business. He has one insurance policy, which is going to be matured with a handsome amount. He is not in position to repay his debts, As the policy matures the creditors go to the court and the court orders to attach his assets including the maturity of the policy too. How difficult situation would be for him and the family too??? Is there any provision to safeguard his insurance policy???.
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Solution. The solution is… buying the policy under MWP act..
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About the MWP act. Married woman’s property act is made in 1874 to safeguard the property rights of woman from loss in business, creditors or the family members. In 1923, Insurance policy was also added under this act. Under sec 6, it gives the benefit of safeguarding the proceedings from creditors, court, IT department. It behaves like a trust in which benefits coming from policies to the beneficiaries can’t be attached.
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Who can avail it. Any married Man or Woman who are resident of India can have the policy under MWP act. Divorcee or the widower can also avail..
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Policies under MWP act. Top 10 Things To Follow When Buying A Term Insurance Plan In India.
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How it works. The policy taken under MWP act behaves like a trust , where , either the wife or the children or the both can be the beneficiaries. All the benefits of the policies will be for the beneficiaries only. Under any circumstances, the creditors, court or the tax attachments cant be affect this policy Existing policies can’t be modified with the MWP act, need to take a fresh policy Policy taken under MWP act can’t be assigned It can be surrendered with the consent of the beneficiaries only Loans cant be availed against the policy under this act.
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How to avail. At the time of taking the term plan or the Endowment plan, we need to fill a form of MWP act with the declaration of the beneficiaries. It’s a very simple process. The form is available with each insurance company..
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Challenges to avail it. Lack of knowledge Some people wants to keep their control on the policy. No external challenge is there..
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Business Thank-You Letter Examples.