Page 36 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

transferring the title of insurance policy to another person or

institution.

As per section 6 of MWP act, if any, married man effects a policy

of insurance on his own life and expressed on the face of it to be

for the benefit of his wife alone or his one or more children or

his wife and one or more children jointly, then this policy will not

be subject to the control of husband or to his creditors or form

part of his estate.

Extra Resources

Assignment Clause under your Life Insurance Policy

Everybody knows that a life insurance policy provides

protection against life, but there are many options and benefits

which come along with a life insurance policy and most of the

people are not aware about it. Due to this unawareness, many

people do not know about various provisions offered under a