Category Archives: Insurance

What is the MWP Act? Why Buy Life Insurance Under the MWP Act?

What is the MWP Act? Why Buy Life Insurance Under the MWP Act?

The Constitution of India has many provisions to protect the rights and interests of women. One of these being the Married Women’s Property Act. Let’s try understanding this act and the benefits it provides a little better.

Imagine this scenario, a 40-year-old woman with 3 daughters realizes her husband’s business is running in a loss. He would need a huge loan to help revive it, but he has an insurance policy that is about to mature so the loan will be covered in that and this tough time will pass. But what if things don’t go planned way? What if the business goes bankrupt and the family is left with nothing?  Now their greatest hope the policy will also be seized by the creditors. What could she do now? A commonly heard story, isn’t it? To ensure that this isn’t your story you need to know about this act.

What is this Act?

According to the Married Women’s Property Act the earnings of a married woman in India is considered as her separate property (from the citizens of Jammu and Kashmir). An insurance amendment was added in it in 1923 which made the act life insurance relevant. The amendment states that the earnings from the husband’s life insurance policy may not be controlled by the husband, his creditors and not form a part of his estate. This means that if a married man buys a policy with a MWP addendum, the policy cannot be used to repay his debts or any other liability.
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How to Find the Best Car Insurance

Car insurance is a necessary part of owning a car. It’s required by law that every vehicle on the road is insured, in the event of an accident. Car insurance can also insure against many other risks. It’s important to understand what each insurance company is offering you. The cheapest insurance may not always be… Continue Reading

The Cheapest Months to Purchase Auto Insurance

Getting auto insurance coverage is about finding the balance between cost and benefit. If anything, insurance companies have mastered the art of selling you things you don’t really need. They start out with a simple requirement, and the offer add-ons that, well, make a lot of sense. Until they don’t. It’s your job to figure… Continue Reading