Why You Should Buy A ULIP Under The MWP Act

We strive hard for the well-being of our families until and unless we are alive. There might even be times when we borrow loans to fulfil their needs. But have you ever imagined what will happen to your families in your absence? While your family will suffer financially, the loan sharks might chase them if your past debts are unclear. An excellent way to ensure the security of your family in such scenarios is by purchasing an insurance product like a Unit Linked Insurance Plan (ULIP) under the Married Woman’s Property Act (MWPA), 1874.

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Know The Types Of Deaths Covered And Not Covered By A Term Plan

One of the main reasons why people buy term insurance plans is to secure the financial future of their family ones in case of their untimely demise. Under the terms of this plan, the insurance company promises a fixed amount of money (called the sum assured) to the policyholder’s nominee (also known as the beneficiary) in case the life assured (policyholder) dies during the course of the policy tenure. The beneficiaries can file a claim after the death of the policyholder to receive the sum assured. However, not all deaths are equal. You should know about the different types of death covered and not covered under a term plan –

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