MWP ACT IN LIFE INSURANCE-Benefits? (Telugu)
1) MWP Act DEATH CLAIM BENEFIT :
Death Claim Benefit will be paid to wife and children(Life Insurance Nominee) if the life insurance policy was taken under MWP ACT.
2) MWP ACT NOMINEE?
In this act endorsed policies wife and children will be nominees.
3) Lenders right over Death Benefit?
Lenders can not claim the claim in the courts according to this act lenders cannot claim the amount received from this kind policies. Watch youtube video which I made about this ACT. Also, click this link to read How to do investment planning with the claim amount received by Nominee of the policy. https://paisahealth.in/life-insurance-death-claim-how-to-invest-this-death-claim-amount-telugu/
Policy Holder can change Nominee?
No, Policy Holder cannot change the nominee in the policy once the policy is purchased. He has to continue the same nominee even in case of divorce also.
Watch this Telugu Video which I have made on this act to know more.