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

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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.).
Answer-Yes, you can assign one or more policies under MWP Act. 13. Question- Let me know how to find if this clause has been added for the existing policies. Answer-You cannot assign the existing policies under MWPA. Only at the time of making the application (buying a policy), a separate MWPA form has to be filled by the proposer for it to be covered under MWP Act... 14. Question- Can we include our parents name in the above said MWP application form if we want to distribute in some ratio to life partner and parents…. Answer- Parents cannot be added under MWP Act.
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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
Page 164: You can send your feed back to our
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Married Women Property Act-360 Degree Protection By.Pradeep Patil

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