Create Funds for Loved Ones
A unique benefit under Wealthsurance® is that you will be able to create exclusive funds for the benefit of your loved ones which you can be sure no one will be able to access
A useful feature under Wealthsurance® Premier Plan is that you will be able to create exclusive funds for the benefit of your loved ones which you can be sure no one will be able to access. These funds are legally protected from creditors and claimants on estate such as legal heirs, parties to disputes or creditors.
Married Women’s Property Act
Under Sec 6 of the Married Women’s Property Act, 1874, a married man can take an insurance policy on his own life and express it to be for the benefit of his wife or children. When such intent is expressed on face of the policy, it shall be deemed to be a trust for the benefit of the named beneficiaries and it shall not be subject to the control of the husband or his creditors or form the part of his estate. The Act also provides that nothing contained in the provision shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of assurance which may have been effected with intent to defraud creditors.
Set up Wealthsurance® Premier for your loved ones
You can ask for endorsement of your Wealthsurance® Premier Plan for the benefit of your wife or children or any combination of them under the Married Women’s Property Act. You can also indicate the percentage share of each of them in the plan. Once endorsed, the plan will be exclusively for the benefit of the named beneficiaries.