Married Women Property Act-360 Degree Protection By.Pradeep Patil

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1. Question- Request you to give a legal backing for if and how: a) a working woman taking a policy can assign it under the MWPA to her children. b) Whether a woman taking a policy with her husband as the nominee under the MWPA. Answer-A married woman can buy MWP policy on her name with her children as beneficiaries. Kindly note that the beneficiaries can be: 1. The wife alone 2. The child/ children alone (both natural and adopted) 3. Wife and Children together or any of them. 2. Question- Can a unmarried. Person take term insurance under mwp and. nominates his wife as nominee once he is married? Answer-No, it is not allowed. 3. Question- Assume that one has taken a term policy of 1 Cr with wife as the ONLY beneficiary (i.e. 100%). What will happen a) If the wife dies before the husband; who is the beneficiary? Husband? Wife’s relatives? Children? b) If the husband/wife dies together (say, in an accident), who will the be beneficiary? c) Are there any hurdles if you create a policy under this? Answer-If you have children, you may add them as beneficiaries in addition to your spouse’s name. Legal heirs can get the claim amount. 4. Question- My concern is, for a new policy, I can include my child details. but for existing policy, (which is nominated as only wife) and under MWP, what are the safe guards one should take, so that there is no confusions in the event that the beneficiary passes away first. Answer-f the beneficiary passes away, legal heirs would get the claim amount (if any). You may also include this in your WILL by mentioning the scenario. 5. Question- Mr. A has taken MWPA POLICY and had his wife and children as the beneficiary. After few years he separated from his wife and the children custody are also fully with the wife. At the time of divorce he has settled the family property with her and the children. Thereafter after a passage of 15 years the mwpa policy has fallen due. Now the question is can he request LIC to make the payment to him directly as the beneficiaries are no longer related to him as wife / children. Answer-As far as I am aware of, if the wife is the beneficiary named in the policy document, the policy would continue as a trust in favour of the divorced wife and would not belong to the Assured in spite of divorce. 6. Question- I have a term insurance plan for Rs 2 crores from LIC. Which was taken 2 years back and my wife is the nominee in the same. My question to you is I had not taken this policy under MWMP act now if I have to change the same is it possible.
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2017 MARRIED WOMEN PROPERTY ACT- 36
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CA is an expert in accounting and t
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An easy way around this dilemma is
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Taxation: This is another aspect th
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will, married women can share/part
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3. Transparency: According to news
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Children deferred assurance plans a
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Special trustee may be an individua
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The beneficiary if major and compet
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15) DIVORCE OF WIFE AFTER ISSUE OF
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If addendum used is of 7, 8, 9 and
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Damodar K. Shah vs Cit on 10 Novemb
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Women's Property Act of 1882. Secti
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Just by knowing MWP is not enough o
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Page 142: QUICK RECAP OF MWAP
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Married Women Property Act-360 Degree Protection By.Pradeep Patil

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