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

Answer-Kindly note that assigning of any existing life insurance policy under MWP act is not
possible.
7. Question-
If beneficiary (wife) divorce her husband what is the status of beneficiary? Will she continue the
beneficiary of the policy?
Answer-Yes, she would be the beneficiary.
8. Question-
I had one doubt though, supposing the applicant has another child at a later date, and wants to
include this child as an additional beneficiary, how will this work out because you mentioned that
beneficiaries cannot be changed under this Act.
Or would it make sense then to purchase another policy under the Act, and include the newborn as
a beneficiary in this new policy?
Answer-Yes, beneficiary (new one) cannot be included in an existing policy. One can include in the
new insurance policy.
9. Question-
I have a query, is there any extra premium to be paid to opt of MWP?
Can we share the death benefits among wife, kids, and parents (% wise)?
Answer-No extra premium is applicable. The benefits of the policy proceeds can be mentioned as
specific percentages to each beneficiary or as equal amounts. Under MWPA, Death benefits can
ONLY be shared among wife and kids (% wise), and not the parents.
10. Question-
If a person opted for MWP and suppose on his sudden demise, can’t his creditors approach his wife
(directly or in the court or in any manner) to get paid out of the proceeds of the Term Insurance
policy.
Answer-No, and then there is no point in assigning the policy under MWP act.
11. Question-
I have taken an online term insurance. I am about to fill the MWPA form. In the form, what should be
done in N0.4 in the form for Trustees, in case I don’t want to have trustees?
2. I am planning to have my wife as Nominee. So in a tough situation, if my wife passes away
before me, who would be the beneficiary after my death? Can anyone get the amount after my
death, or it would go unbenifited to my family.
Answer-Mentioning the names of trustees are not mandatory. You may declare your kids as
beneficiaries too (if you have kids).
12. Question-
I need to know if we can have more than one plan under MWP Act. Like can there be one plan for
wife (so that she can sustain herself) and second plan for children (so as to ensure that funds are
available for their studies and marriage etc.).