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What is the MWP Act?
Under this act, Section 6 highlights its 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 his creditors, or form part of his estate.
How does the MWP Act protect my family?
The term policy under the purview of the MWP Act will be considered as a trust. Only trustees will have control of the policy including servicing, and the receipt of the benefit amount. In case of a death claim, the policy proceeds are received by the trust and can only be claimed by trustees. It cannot be claimed by creditors, or relatives or form a part of the will (estate of the proposer)*. The trust shall be holding the claim proceeds for the benefit of the wife and/or child(ren). Hence, the financial future of your wife and children is protected.
For instance, if you are a salaried person with a home/personal loan or the owner of a business and have accumulated debts, your creditors will have the first claim on your policy proceeds in the event of your death. When you buy term insurance under the MWP Act, your wife and/or child(ren) will be the only ones who will have access to the claim amount – enabling you to secure their future financially.
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![#Mwp Act Reel by @relakhs (verified account) - [Telugu Video]
MWP Act: మీ కుటుంబానికి 100% రక్షణ 🛡️
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👉 MWP Act selec](https://image.pictame.com/img/657833060_18101076857303618_5503902081762509996_n.jpg?hash=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)
