Posted on July, 2019 by Author
More Power to Women, if that’s what you thought about the Married Women’s Protection act, then think again.
Of course, empowering women is the intended result, but there is a lot more that you may want to know.May be to make a wise and informed decision before buying your insurance plan.
The Married Women’s Protection Act was created to empower women by protecting them from relatives and creditors especially during financial crisis. It ensures a sense of well-being for the dependants by giving them the sole rights. As per the act the earnings of a married woman in India is considered as her separate asset and thus gives her the singular right over it.
Here’s a quick list of things that you need to know about the Married Women’s Protection Act.
Who can take a policy under this act?
- Any married man including widowers and divorced men
- Any married woman. (In this case the children will become the beneficiaries whereas the husband will reap no benefit.
Who can be the beneficiaries?
- The wife alone
- The children alone, biological as well as adopted
- Wife and children, together
How to avail the benefits while buying a policy?
All you need to do is ask for the MWP addendum from your insurance agent or simply download it from the insurance company’s website. Fill the details of the beneficiaries and the share of coverage dedicated to each beneficiary.
Always remember, this is a onetime process. You cannot change the beneficiary details, once stated.
Things to also keep in mind.
- You cannot avail loan based on this policy
- Since the dependents are the beneficiaries, policyholder loses complete control over the policy
- Beneficiaries cannot be changed later.
Now that you know all the important things about Married Women’s Protection Act, you will surely want to know even more about it, before buying your insurance plan. Take this opportunity to speak to our experts at www.pincinsure.com