Exemptions from legal process and Hens.
Section 23
SEC. 23. Exemptions from legal process and Hens.—No policy of life insurance issued under this Act, or the proceeds thereof, except those corresponding to the annual premium thereon in excess of five hundred pesos per annum, when paid to any member thereunder, shall be liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any debt or liability of such member, or his beneficiary, or any other person who may have a right thereunder, either before or after payment; nor shall the proceeds thereof when not made payable to a named beneficiary, constitute, a part of the estate of the member for payment of his debts.