The Married Women Property (MWP) Act is a legislation that aims to protect the assets of women from the claims of creditors. The act allows a cover to married women from income tax demands and court attachments if their husband goes bankrupt or passes away. The act also protects all life insurance policies issued under it from such claims or attachments.
Who can buy a policy under the MWP Act?
Only a married man can buy a policy under the MWP Act for the benefit of his wife and children. A divorcee or a widower can also buy a policy under the act for the benefit of his children.
Form
In order to take the policy under the act, the proposer must fill up an MWP addendum along with the life insurance proposal form.The MWP addendum form is available with the insurance agent or can be downloaded from the insurance company's website.
Information
Information like the proposal form number, and names and dates of birth of the beneficiaries needs to be filled into the form.Beneficiaries who can be included in such a policy are the proposer's wife and children.The addendum needs to be duly signed by the proposer in the presence of a witness.
Appointing a trustee
The MWP addendum form provides the option of appointing a trustee, who can receive the policy proceeds upon the proposer' death and use them to the advantage of the beneficiaries. If the trustee is a bank or a trustee company, the form needs to be signed and stamped by the authorised signatory of the institution.
Death of the policyholder
In the event of the policyholder's death, the policy proceeds are given only to the beneficiaries mentioned in the policy. The policy cannot be attached for the policyholder's debts, as it no longer belongs to him.
The MWP addendum can be made only at the time of the issue of the policy.
Beneficiaries stated in the MWP addendum cannot be changed later.
A policy under MWP cannot be surrendered or assigned by the proposer for taking a loan.
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