MWP Act...A powerful tool to sell Insurance.

MARRIED WOMEN 'S PROPERTY ACT 1874


Section 6 of the MWP Act provides that a policy of Insurance effected by any married man on his own life and expressed on the face of it for the benefit of his wife and children, shall be deemed to be a trust for the benefit of his wife and children and shall not be subject to the control of the life assured, or his creditors or form a part of his estate. Each policy will be treated as a separate estate and will not be aggregated with the estate of the person who had taken out this policy, in assessing his wealth tax.

So was it clear??
Well....lets make it a little clear...
A person has a policy with a benefit of 10 lac and the policy is under the above act. Now he has already taken a loan from a bank which amounts to 8 lac. at this situation if the person dies..... then the bank may take his house/car or any thing to get the money but they can never touch a single rupee from the 10 lac of the policy under MWP act.

Again a person has to pay wealth taxes, but whatever may the amount under this policy, it will not be counted as the property of that person and so he will not have to pay wealth tax for it.

So what's the beauty??
This point is one of the most powerful tool which helps us to get big policies easily and that too with the consent and smile of our customers.

How to use?? and whom to sell??
Now this thing cannot make a difference on every type of person. This can be sold to big business men. They are the people who always have loans and creditors. They also have partners who may be good with them but may turn their faces as soon as the person dies. This may be also used for the people who have taken a car loan or a home loan.

so simply go to the customer and explain him a good policy with a large sum assured. Now this person as usual will say that he already has a policy or he does not want an Insurance as he has a big property to look after his family. At this stage explain him him the beauty of this act. Tell him that i agree that you have a very big property and i have no doubt about it. but do you pay wealth taxes on your property and have you taken loans, or do you have creditors to your business ?? you will get a positive result as this is common to big business men. Tell him that taking a policy under this act will guarantee that despite of your loan, creditors, any possible loss or fraud by any person in you business, your wife and children will have the big amount to look after them in your presence or absence. And that big amount will be decided by you and will not be touched by anyone under any circumstances. You will also save yourself from the wealth tax for that property.

So now when you are fighting for and hesitating to ask for a cheque of  1 lac, using this tool you may be shocked to see your customer writing cheques that may reach to some crores. just need to ask once.
never underestimate the value of that person's family to thousands and ask for a premium of few thousands. this may be an insult to your customer and you may have a loss at your end.

Now to implement this with a policy, as someone of your company's training or operations department and take the form with the proposal form.

Note:

• The beneficiary of the MWP act can be the wife alone, or one/more children alone or both wife and one/more children
• This need not be mentioned separately in any contract or deed.
• "Married man" also includes widower and divorced man.
• The children must have blood relationship or must be legally adopted.

Most important things that makes a difference.

Most important things
that makes a difference. 
Attitude and Confidence
Dear friends,

I have been in the financial sector since a very long time... First as an adviser, then as team managers, then training, and now i run a HR management firm in Finance (Mostly Life Insurance, General Insurance and health insurance ). To tell you all i have also worked as a motivational trainer and being a trainer, i had to adopt few of the habits that took me so close to this world that i started observing a lot about the different factors that created two levels of success from two person with identical capabilities.

My next experiment was to test these techniques on the most incapable person and to my amazement 80 percent of the people turned out to be very successful person in this sector. The remaining 20 percent comprised of the people who during the experiment understood and identified their real capability and went to a sector where they excelled.

So here i would like to share with you the two major points that one needs to work upon to be one of the most successful personalities in the financial sectors. These are not only confined to the people of financial sector but a small change in it can be used to implement it into people of any sector.

The first thing that you need to Change is your Attitude and then your confidence. It's said that both of them are inter connected but you need to Start with the attitude first. Never start with your Confidence as it will take you to a great height first but will soon drop you to a condition from where recovery is very tough. but still if you have already faced such situation, then this is your right place. It's the most common experience that attitude creates confidence but confidence creates over confidence which ruins the right attitude.

So lets start.

Attitude:

you may have noticed two kind of person....One with a positive attitude and the other with a negative attitude. Now whom do you like??? Yes, the person with a positive attitude. Now what happens is that we can expect a positive attitude from a positive thing and a negative attitude from a negative person..

and as is the attitude so is the result.

We may try any number of times but will we ever get a positive current from the negative end of a battery. no.. so once we have a positive attitude, then all our results become positive and we start getting more positive.

Now you would ask that how to get a positive attitude? so the answer is a very simple sentence which is known to every one but no one ever tries it.  it's called think positive.

I have seen many people saying....

• The customer was very rude.
• The target is very high,
• I don't get a leave
• The work is very tough,
• I am not eligible for this job,
• I wish i had a better person to guide., and so on

 But do we ever as ourselves that what made the customer so.... or why don't we say that this target is very easy, or why don't we do something that our boss would say.."take a leave, you need some rest", and why do we think that we are not an eligible person or the resource is not enough?????

why???

 If we keep this kind of attitude then success wouldn't be available even in our dreams...

Remember the school days when we were in our primary schools....When we used to fight to get 100 out of hundred. And also recall the days of graduation where we thought to get a pass grade.

Do we think that we got less marks in our graduation as compared to class nursery just because the syllabus of graduation was tough???

No way.   the syllabus of graduation is much easy as compared to that of a nursery child as compared to the age and the level of thinking. The real answer is that we always get what we aim for. Nothing can be done without an aim and we can do only what we can aim for. Our human body is like a thermostat.

How??

Some day make a plan like "I will work till 3 am in the morning and then i would sleep." Then start working and you will feel sleepy just at 3. even if u don't fall asleep you will not feel like working after that  and  the greatest beauty is that you won't even feel sleepy before that. Now when we are in sales, then we should know the greatest advantage of this sector...

Working in sales means that there is no upper limit to what we can earn. and this earning depends on what we do. Now what we do depends on what we decide to do. Then why do we decide small???

Forget what our company has asked us to do. decide your target yourself and fight for it. keep it at such that you would need to break your limits to reach it...and then think of it every time.

Never think that making a business of 10 to 15 lac of business is very tough in India. I have seen people doing such business. and if then can do it, then why can't you??

If you can read this long blog, then you have the desire to be a very rich personality and so you have the courage to do anything to to achieve what you decide. now don't stick to 15 as i have said so in my  example. i said push your limit. People will say that rise slowly..... never listen to them...They are the real negative people and the fools. You position in your race depends from how you start and what you do... If a rocket wants to go to space, then it needs to break the limit of gravity and start at such a speed. Be a Rocket, move at such a blazing speed that no one will even dare to ask you. Leave what the company or others do.. Just start making your money. you will find that name, fame, power and everything will follow.

Now one thing must be clear to you that, bullock cart need a bull to pull but a rocket doesn't need something to pull...it's own fire pushes it. so now when you need to something then you need to decide on it.

The greatest attitude change that you need is that never plan for a happy and luxurious life, but plan for a life that the common people dreams of. a life where you are never pulled back due to money..and remember success is a journey not a destination. so keep moving, as the day you stop, you will be thrown out of the racing track. there is no parking place in this world.

hope this is enough to change the attitude. now the most important is that you need to workout out everything in a plan. I shall explain the planning ways in my next post. there will also be a lot of unique objection handling, customer visiting and selling techniques in the coming posts. Till then dream big as only who dream, they desire for it,.......and it's your desire that derides your result.