The policy is meant to protect the interests of the legal heirs
When a life insurance policy is bought under the Married Women’s Property (MWP) Act 1874, it is ensured that the sum assured under the policy is passed on to the legal heirs who could be the wife or children of the insured. It cannot be claimed by creditors or relatives or be part of the will.
Under this act, the policy is considered as a trust. “In case of a death claim, the proceeds are received by the trust and can only be claimed by the trustees- wife and children. The trust shall be holding the proceeds for the benefit of the wife and children,” says Gurmeet Chada, co-founder, Complete Circle Consultants.
Who is it meant for:
Diese Geschichte stammt aus der January 2018-Ausgabe von Outlook Money.
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