MWPA | Married Women's Property Act | MWPA in Insurance

Hello Friends,
As we know that life insurance cover is essential to protect ourselves and our family members in case of any unfortunate event. We are even aware that an individual needs to buy an adequate Term plan if his family members are dependent on him. We also know that we need medical insurance, as it protects us and our family financially in the event of an unexpected serious illness or injury that could be very expensive. But many of us are not familiar with married women's property act that is MWPA. For instance, if you are a businessman and have accumulated debt, then your creditors will have the first claim on your policy proceeds.
To protect your family against such a crisis you need to bring their Policy under the scope of the married women's Property Act. This ensures that on the death of the life assured, the dependent receives on the proceeds, not the creditors. Both, Businessman and salaried employees should use this option. So let us understand first, what is this married women's property act with me, your knowledge Buddy - Pankaj Daga along with my partner Leela at our channel the L&D show
The Married Women’s Property Act 1874 - MWPA was created to secure the assets owned by women against relatives, husband's creditor and in a few cases from her husband himself. Section 6 of MWPA covers any insurance policy taken out by a man on his own life in favour of his wife and children. So if you are buying a life insurance policy under the MWPA for the benefit of your family, the sum assured will always be there property, it cannot be claimed by your lender nor will it be considered as a part of your business asset or estate. As per MWPA every insurance policy that is covered under the act is automatically considered as an individual trust, with the beneficiaries as a Trustee. There is no need to formally create a trust or even a settlement deed for the benefit of your dependents which are named in the policy.
We have addressed questions like:
1. What is MWPA?
2. What is MWPA Addendum?
3. What did the Married Women's Property Act do?
4. Who can be life assured under MWPA endorsed policy?
5. Who can be beneficiary under MWPA endorsed policy?
6. What is MWPA trust?
7. How to take an Insurance policy under MWPA?
8. Conditions to get policy enrolled under MWPA Act
And many more!!
What is Married Women's Property Act | MWP ACT
Benefit's of MWPA (ACT)?
Married Women's Property Act Kya Hai?
Mwpa (Act) in Life Insurance Explain
Mwpa (Act) in Insurance in Hindi
Married Women Property Act in Life Insurance Hindi
Life Insurance Ke Sath Kaise Le mwp act ka fayda?
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[@nickhaladouglas4991]

Thank you 🙏🏽

[@trinathk5905]

Then, What is the Use of giving nominee?I took online max life term insurance yesterday, can I fill addendum of mwpa?

[@pankajdagatheldshow4719]

Dear Trinath ji, Many thanks for your comment. Kindly note, if you policy is not issued yet, then request you to connect with your insurer immediately and fill the MWPA form. Kindly note, nominee is just a legal guardian of proceedings. In case of any liabilities or any legal disputes, other parties like creditors or in some cases family members can claim money from nominee. If same proceedings are released under MWPA to your spouse then in any circumstances such money can not be attached against your liabilities or no one can claim them as she would be having a legal rights on such corpus. Hope we were able to address your queries Thanks for watching. Stay connected!!

[@vikassharma8510]

Sir Meri pass mwpa wali life insurance policy hai...par mera divorce ho gaya tha premium bhi pura de chuka hu ab policy ke paise nahi mil pa rahe kyon ki policy under mwpa hai...pls help me

[@pankajdagatheldshow4719]

Dear Vikas ji, Thanks for your comment however as we have explained in the video too, if anyone go for diverse post purchase of MWPA then in such scenario, proceeds will still go to wife on who's name policy was endorsed under MWPA. Thanks

[@DK-vx4yz]

What happens if a pure term insurance policy bought with MWPA gets lapsed due to non payment of annual premium by the policy holder?

[@pankajdagatheldshow4719]

Dear Debasish ji, Many thanks for asking such a wonderful question. Trust me, as a creator of content we also feel proud when viewers like you ask such a deep thought question. Let us attempt to resolve your query. Ideally one can buy below mentioned plans under MWPA 1. Term plan 2. ULIPs 3. Endowment 4. Money back etc Other than Pure Term plan all other types of plans mostly carry Paid up value where if policy holder is unable to make premium payment he/she can opt for paid up value and continue the cover. Such paid up value is payable to beneficiary mentioned under MWPA policy However, pure term plan does not have any such a mechanism of paid up value thus all premium gets forfeited unless you review the policy. Hope we are able to address your queries. Keep learning, keep Evolving. If you like our assistance please do subscribe to our channel and hit the like button to motivate us. Thank you

[@DK-vx4yz]

@@pankajdagatheldshow4719 Thank you for clarifying.

[@Kidsy_stories8267]

Mother can claim the insurance amount as she is legal heir in sons inscom6