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Why to Buy Term Insurance under the MWP Act

January 24, 2019 1695
Many of us just buy the best term insurance plan and think that our family's future is secured and that even after you are gone, your family would live protected and stress-free.

But what if we tell you buying a term insurance plan is only half the work done and that if it's not done right your family might not get benefitted by it.

Let me explain, should anything happen to you, your life insurance should not become the legal property of your creditors (unless you wish that to happen) and the money should actually reach to your family.

For the above to happen you need to take the leverage of a legal safeguard called the Married Women Property Act 1874 (MWP).

Under the Married Women Property (MWP) Act 1874 a woman's property is protected from relatives, creditors, and other miscreants who might take advantage of her situation.

The said Act also covers Insurance plans under Section 6 which ensures that every policy availed under the MWP Act by her husband may not be attached by courts for repayment of his debts.

The biggest reason for this Act is because a lot of times, after the death of a loved one, there is a dispute between family members and creditors about the money left behind by him or her.

Buying a term insurance protection plans under the MWP Act thus makes sure that the money you intended your family is used by them and them alone and that other person can have access to that money.

To ensure this there is a simple yet very important step that you need to ensure when you buy Term Insurance - Select 'Yes' when asked a question on whether you want to buy it under the MWP act.

Then proceed to add the details of your nominees as trustees and by the plan.

Unfortunately, you cannot convert an already existing term insurance policy plan to be covered under this Act and thus have no other choice other than opting for a new term insurance policy taken under the MWP Act.

Just so you know there is no extra charge for buying a term insurance under the MWP Act and that it is totally free and should be taken advantage of.

In case you are planning to buy Term Insurance, please click here and make sure that you select 'Yes' when asked if this policy should be covered under MWP Act 1874. Please check the other details by clicking the mentioned link: https://www.hdfclife.com.

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