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Home  >  Other Services  >  Married Women Protection ACT
Married Women Protection ACT
Details
  • MWPA formulated in 1874
  • Related specifically to Insurance policies to protect the Intrest of the Spouse and Children.
  • Policy under the Act, is free from any type of Encumberences in any situation.
  • The policy is a asset (TRUST) for the spouse and/ or  the Children.
  • Cannot be attached in case of insolvency or default by any creditors.
  • The proposer has NO RIGHTS on the policy and it is a deemed asset in the name of the wife.
  • The only way the policy can be attached is thru an act of parliament which can NEVER happen.
Process
  • On contracting the objective of Insurance should state - Policy under MWPA- 1874
  • NO Nomination to be filled. A separate form under Section 6 of MWPA should be filled.
  • Nomination can be Wife or Wife and Children or Children only.
  • All other benefits of IT (80 c and 10 ( 10 D) apply.
Eg: TELGI- Took a policy under MWPA and now though he is arrested and property attatched, his family enjoys same life style by surrender cash value of the policy.
 
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