Please note one important aspect of the RIGHTS OF A MARRIED WOMAN.
Man of the Family take Term Plan (i.e. Life Insurance) in their name and keep his Wife as Nominee so that in case of any unforeseen event wife & children do not suffer financial distress.
However if there is a Loan, business credit taken from Market etc by the man then in case of any unforeseen even where the man dies, the creditors, BANK, will adjust their loan dues from the insurance proceeds. So many times the woman (I mean Wife) in such cases doesn't get the entire Insurance proceeds.
To avoid this, every man should take the Term Plan (Pure Life Insurance plan) tagged with MWP. MWP refers to Married Woman Property Act. This Act protects the RIGHTS of a Married Woman and no lender, bank can touch the Insurance Proceeds that is tagged with MWP. In unforeseen event the Wife will get the entire Insurance Proceeds.
Many people in our country don't know this so don't use this option. Thought to put it here for everyone's help.