Sir,
If someone has taken “Term” Policy on himself under MWP Act, and he has assigned his wife and child as beneficiary and his wife as a trustee, as the child is a minor, but unfortunately if the wife and the husband dies at the same time, I want to know that whether other beneficiary i.e child will get the sum assured or not.
1 Answers
Hi,
Yes, the child will get the claim proceeds.
I believe that it is better nominate a third person (your trusted friend or relative) as a Trustee. You (the policy holder) have the option to change the trustees at any point in time.
Kindly read detailed article on MWP Act:
http://www.relakhs.com/life-insurance-married-womens-property-act-mwp-act-details-benefits/
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