Your Insurance Will Be Useless If...
Hello, you!
How is it going? When I first started learning about personal finance - before I graduated from school, I thought my finances would be sorted if I invested right and got insurance when I grew up. Although it is somewhat true, they each come with a conditions-apply asterisk. We’re gonna discuss one of the many things that would make your term insurance cover useless.
What I was up to: This week had a personal milestone that was quite emotional - I had to send my son off to a playschool and I can’t believe he’s that big already!
Aside from that, I was catching up on a few movies after weeks and thought about how filmmaking and Production often go unnoticed when any conversation about a movie comes up. So, we decided to talk about it in this week’s episode of our podcast
I sat down with Anant Roongta, the Director of Famous Studios and Co-Founder of Warehouse 47 to explore the fascinating intersection of tradition and innovation in filmmaking, and so much more! Tune in to gain exclusive creative insights, and understand the future of the entertainment industry along with financial strategies:
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Market ka haal: Despite a shaky start, the markets made a stellar comeback in the last hour of trading today! Indian benchmark indices Nifty 50 and Sensex hit fresh milestones, extending their winning streak to five sessions in a row. 🎉
The Nifty 50 jumped 0.35%, closing at a record 26,004 points, crossing the 26,000 mark for the first time! 🏆💪 Similarly, the Sensex soared to 85,169 points, closing above 85,000 for the first time, up 0.30%. 🚀✨
Short-term challenges may arise as foreign investors shift to cheaper markets, while gold gains appeal amid Middle East tensions and possible rate cuts. 📉💼🌍💰
Humara Gyaan: If you're the financial backbone of your family, chances are you’ve got term insurance to top off your corporate plan, right? And most of us assume that’s enough to care for our loved ones. But here’s the catch—you might be wrong! 🤯
When you pass away, all your assets, including term insurance, are first used to pay off any outstanding liabilities. Nominating your spouse or kids isn’t enough to fully protect them. 💔
If you or your parents have debts and want to make sure your family’s future is secure, here’s what you should do: get term insurance under the Married Women's Property Act of 1874 (MWPA). 📜This ensures that the full insurance payout goes to your wife (or in your dad's case, your mom) and not toward paying off any outstanding loans. 🙅♂️💸
Section 6 of the MWPA states that if a man buys a policy for the benefit of his wife or children, the payout can only go to them—it won’t be touched by creditors or anyone else. The husband doesn’t even have control over the funds. 💼👩👧👦
So, if you really want to safeguard your family’s future, make sure your insurance is under the MWPA. That way, they’re covered—no matter what. 💪👨👩👧👦💙
Like what you’re reading? Please share this with your friends and have them sign up too!
Isn’t it annoying how the smallest details often get missed but end up having the biggest impact? When it comes to your insurance, those tiny clauses can change everything, quite literally. So, keep an eye on the fine print, and don’t forget that’s where insurance providers play the real game! 🧐💰✨
Here’s to knowing your rights🍻
Niyati❤️
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