Married Women's Property Act (MWP ACT) in LIFE INSURANCE Details in Hindi

MWP_ACT_of_INSURANCE Buying life insurance under MWP Act can be a solution The proceeds of a life insurance policy may still be recovered by one's creditors if some money is due to them or even by the legal heirs of the deceased. Their rights supersede that of beneficial nominees. To avoid such a situation, one can buy the policy under Section 6 of the Married Women's Property Act (MWP), which gives special protection to one's wife and children, and prevents creditors from attaching a life insurance policy taken under this Act. The primary purpose of having a life insurance cover is to help the surviving family members maintain the same standard of living after one's death. This would require adequate protection to the nominees so that they are financially secure even after the bread earner's death.

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