Women’s Property Act: You should purchase a term life insurance policy in accordance with the Married Women’s Property Act of 1874 to guarantee that the life insurance benefits are transferred to your wife and children. This article explains how you can use the Married Women’s Property Act to purchase a life insurance policy that will protect your wife and/or children’s financial future.
Property Ownership Rights for Indian Married Women
The earnings (the properties earned by her or vested in her) of an Indian married woman are her own property, according to the Married Women’s Property Act of 1874. No stake in such property may be acquired by her spouse or by any other person or entity. Therefore, you can protect your wife and kids from the financial strain of debts and/or family disputes by purchasing insurance under the MWP Act.
Protecting the Spouse and Children
‘Insurance by husband for benefit of wife’ is explained in Section 6 of the Act. It reads, “A policy of insurance effected by any married man on his own life, and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them, according to the interest so expressed, and shall not, so long any object of the trust remains, be subject to the control of the husbands or to his creditors, or form part of his estate.”
These are the main characteristics of the insurance purchased through the MWP Act
- The purpose of the statute was to protect married women’s rights to their property, income, and other investments.
- It protects married women’s assets from in-laws and creditors.
- The insured, the husband, is not permitted to gain any family stake in his wife’s assets.
- Under this act, only a spouse may purchase a life insurance policy to protect his family’s future. This act prohibits a wife from purchasing an insurance policy in her husband’s name. She is able to purchase the policy in her own name and retain her children as beneficiaries, though.
Under the MWP Act, who is eligible to purchase an insurance policy?
The Married Women’s Property Act permits a married man who resides in India to obtain an insurance coverage. It is also possible for a widower or divorcee to purchase an insurance policy and designate their kids as beneficiaries. But only if the insurance is purchased in your own name at the time of taking out coverage can you take advantage of this benefit.
Thus, in light of the MWP Act, you want to think about purchasing a term insurance coverage if-
- You desire an additional degree of protection for your spouse and kids.
- Liabilities and loans are associated with your name.
- You wish to protect your family from dishonest relatives and creditors.
Simplicity of Obtaining Life Insurance under MWP Act
Under the Married Women’s Property Act, obtaining a term insurance policy or any other type of life insurance policy is a rather simple process. All you need to do is complete an addendum while completing the insurance proposal form. You can ask your insurance agent or other concerned staff for help if necessary. But be aware that the MWP Act requires you to have the insurance policy endorsed only at the time of purchase. Once purchased, you are not permitted by the act to support it or alter the policy in any way.