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MWP Act -1874

The Married Women's Property (MWP) Act of 1874 attempts to safeguard your assets so that you and your family receive what rightfully belongs to them under any circumstances.

The corpus established under MWPA policy/ies are free from creditors, other encumbrances, and attachments (even only in case of insolvency), provided there isn't any fraudulent intent in producing this instrument.

The two major sections of the act are:

    Section 6 of the MWP Act, 1874 states: " A policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate."

    Section 5 of the MWP Act, 1874 states: " Any married woman may effect a policy of insurance on her own behalf and independently of her husband; and the same and all benefit thereof, if expressed on the face of it to be so effected, shall ensure as her separate property, and the contract evidenced by such policy shall be as valid as if made with an unmarried woman."

Benefits : Under Section 6 of MWP Act,1874
  • A tool for ensuring that your money is passed down only to the people you want to inherit it.
  • Assists in the development of an insulated corpus for your beneficiaries.
  • Make certain that your family is financially secure in the future.
  • Tool for estate planning.
  • Desired corpus distribution to intended beneficiaries.
  • Assist the family in maintaining a better lifestyle despite financial difficulties.
  • Tax benefits under section 80C and 10 (10)D as applicable. (Tax benefit are subject to changes in the tax laws, please consult our tax advisor for more details.)
Under Section 5 of MWP Act,1874
  • A corpus was created to protect you from your husband's liabilities.
  • The life insured on any chosen nominee will receive benefits under this policy.
  • Tax benefits under section 80C and 10 (10)D as applicable. (Tax benefit are subject to changes in the tax laws, please consult our tax advisor for more details.)

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