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Married Women's Property Act 1874 (MWP Act) was created to protect the properties owned by women. Know what is MWP Act in Insurance & who should op for it.<br>
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What is MWP Act ? • 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.
Who should opt for insurance with MWP Act? The following people should consider buying insurance under MWP Act- • People who live in joint families or have close relatives should opt for insurance under MWP Act as there can be many claimants in the family. This will ensure that after the death of the policyholder, no family conflicts regarding the death benefit arise. • People who work for pay and in the business world accrue debt and take out loans. To prevent creditors, lenders, or banks from using the death benefit to pay off debts or liabilities, such people should purchase an insurance plan under the MWP Act. • Any individual who has a risk that their relatives or another person could fraudulently or otherwise use the insurance benefit to cover their insecurities is required by this Act to purchase their own insurance. The spouse has the option of designating his wife, children, or both of them as the policy's beneficiary.
