MWP Insurance: Are the debts high? If you take this policy you are safe..
MWP Insurance: A person saves money for present needs as well as some future tasks. But depositing it in the form of investments rather than regular savings will earn them interest in the future and will be very useful. Also, if investment is made in the form of insurance, it will protect the family along with returns. In today's era, there is awareness about insurance. Due to this, various policies are being taken. But many people are not aware of MWP act insurance. You get more income from this insurance than other insurances. Moreover, experts say that the real protection for a family is this policy. And let's know about this..
Most people know about MWP(Marriage Women Protect) Act insurance. To know about this, there must be an understanding first. For example a person doing a job and for some needs Rs. 5 lakhs through banks and other financial institutions. At the same time, a policy of Rs.2 lakh was taken. But a few days later the man died accidentally. With this, the respective banks and financial institutions can take the loan of that person through the insurance made by him. As much as that person is then.. that amount will be taken through the policy.
In this sequence, the family associated with the person will face severe difficulties due to lack of any income. This means that the person's entire insurance will go towards the debts. But that is not the case if insurance is taken through MWP. Take insurance through this in advance. In the event of the above situation, the spouse and children of the person concerned will be given first priority to pay the sum assured. How they can use this insurance amount after paying them. But it does not consider the debts incurred by the person.
But some precautions should be taken before taking this insurance. MWP insurance should be taken under the Women's Property Act. Hence this amount applies only to wife or children. Businessmen can also take this policy from regular employees. But once the policy is taken there will be no changes. Also, after adding a nominee once, another nominee is added. This policy does not apply to parents. Another thing is that you have to decide in advance who you want to give the percentage of this policy in the future.