MWP Addendum
Married Women's Property Act of 1874 (MWP Act) was created to protect the properties owned by women. Know what is MWP Act in Insurance & who should op for it.n
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Presentation Transcript
What is MWP Addendum ? A term insurance with the MWP addendum ensures that the wife and children are protected in the event of family property disputes resulting from property division or any other joint family dispute if the policyholder lives in a joint family or is a member of a Hindu Undivided Family (HUF). Even while your life insurance policy protects your family s future, your wife and kids may not be the only ones to benefit from the insurance. A portion of the insurance benefit may be claimed by your family members, creditors, or bank for any unpaid debts or other purposes. The Married Women s Property Act (MWP Act), which was passed in 1874, guarantees that the wife and children have the exclusive right to the benefits in such a difficult scenario.
What is MWP Act and MWP Act Insurance ? The Married Women's Property Act, sometimes known as the MWP Act, guarantees married women complete ownership of whatever property they acquire or come to own. After the marriage, the husband is not permitted to obtain a stake in any of the wife's such assets. A welfare law was passed in 1874 to ensure that a married woman's wages, earnings, property, investments, and savings are her own property, distinct from her husband's and relatives'. As a result, neither her spouse nor her in-laws nor any other relative have any claim to her property. The protection for the advantages resulting from a husband insuring a wife is outlined in Section 6 of the MWP Act. According to the clause, if a husband buys an insurance policy and names his wife and children as beneficiaries, the death benefit and any other benefits that may result from it must go to his wife and children alone. This money stops being the husband's property, and the husband's creditors are no longer able to use any of it to pay off their debts and obligations.
