Life Insurance is a contract between the insurance company (insurer) and the policyholder (insured), in which, in return for a consideration (the premium) paid by the insured, the insurer promises to pay a specified amount to the insured on the happening of a specific event such as death, disability or critical illness.
Everyone regardless of their age needs life insurance. It is more important for the bread winner of any family.
Life Insurance helps secure the future income for the family even in the absence of their bread winner and thus securing their present life style and their future dreams.
The term insurance policy has two principal benefits: It has an affordable premium and a high sum assured. Thus, your family is well cared for even in your absence
You have bought and received the company's guarantee that if you die during the term of the policy, it will pay a death benefit to your beneficiary.
The person who has an "insurable interest" on your life can purchase an insurance policy for you. This generally includes members of your immediate family. In some circumstances your employer or business partner might also have an insurable interest.
Married Women’s property act 1984 (MWP Act) was created to protect the properties owned by women from relatives, creditors and even from their own husbands.
The Act was enacted to safeguard interest/properties owned by married women from creditors, relatives (including husbands), and court and tax attachments. Section 5 and 6 of the MWP act covers life insurance plans.
Any married man can take a life insurance policy under MWP Act. This includes divorced persons and widowers. The policy can be taken only on one’s own name , ie the life assured has to be the proposer himself. Any type of plan can be endorsed to be covered under MWP Act.
The beneficiary under MWP act in life insurance could be:
At the time of making the application, a separate from has to be filled by the proposer for it to be covered under MWP Act. The form will seek details of the beneficiaries, the share of the benefits that are to be accrued to them and the trustees.
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