How life insurance policy under MWP Act safeguards women's interest

The primary purpose of having a life insurance cover is to help the surviving family members maintain the same standard of living after one's death. This would require adequate protection to the nominees so that they are financially secure even after the bread earner's death.

To ensure this, the proposer (one who takes insurance on one's name) nominates his/her family members. However, merely nominating family members may not serve the purpose as nomination only ensures that the insurer hands over the death claim proceeds to the nominees and the legal heirs may still lay claim on the proceeds.

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