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

will, married women can share/part her streedhan but it can be recovered in future as I shared in
next point.
(a) Salary/income/earnings of a woman before or after marriage from employment/ occupation/
business/ trade.
(b) Income/Asset from her literary/artistic/scientific skills.
(c) Any saving, investment, income or earning from above-mentioned salary/income/asset
(d) Any insurance policy purchased before marriage or independently after marriage. The benefits
of such policies are deemed to be a separate property of women.
4. Recovery of Separate Women Property: Even if the women part away or share her separate
property as explained in point no 3 with husband or in-laws. It can be always recovered through
legal proceedings. An advice for husbands is to keep women property separate only)
5. Policy under section 6 of Married Women Property Act: Some of the important points related
to policy affected under section
(a) The beneficiaries of the policy once declared cannot be changed without the consent of
beneficiaries. Some questions are still unanswered that is what will happen in the case of divorce?
(b) As I mentioned policy does not belong to the policyholder, therefore, he cannot avail loan or
assignment of policy is not possible. Also, it is not clear what will happen if the policyholder stops
paying premium i.e. claims of beneficiaries in this regard. Technically, the policy will lapse.
(c) A change in policy is possible only with consent of the beneficiaries
(d) The biggest limitation is that a policy can be covered under MWP Act only at the time of buying a
policy. You cannot apply to convert existing policy under MWP Act. You can find the option in the
proposal form. The existing policyholders can execute an absolute assignment of the policy in
wife‘s favour.
(e) All the benefits of the policy will go the beneficiaries of the policy. There is a misconception
among policyholder that only death benefits will be passed to beneficiaries. For example, in the
case of money back plan, the regular payout will be credited to the beneficiary account. Also, if the
policy is surrendered then the surrender value will go the beneficiary.
7. Personal Guarantee of Women: The provisions of this act are not applicable if the women have
given a personal guarantee of any credit/loan. For example, in a very recent query, a woman was
the guarantor of husband‘s business loan. In this case, she cannot claim immunity under Married
Women Property Act. In another scenario, if she avails loan and default then the provisions of this
act are not applicable.
Insurance Policy under Married Women Property Act
I can think of two possible cases under which the insurance policy under Married Women Property
Act is beneficial
(a) A family under debt or Business Family: There is a misconception that with the death of a
person his debts are gone or waived off. The creditors reserve the right to recover from the assets
or insurance proceeds of the deceased. Though it can be done mostly through court orders.
Therefore, male members of a business family or family under debt may buy a policy under section
6 of Married Women Property Act to take care of the financial interest of their wife and children.
(b) Married women buy a policy in the name of a child: I came across certain circumstances
under which married women want her assets or proceeds from insurance coverage to be passed