If you are a married woman in India, you might have wondered how to secure your property and assets from unwanted claims or liabilities. You might have also thought about how you can ensure that your family gets the benefits of your hard-earned money in case of any unfortunate event. Well, there is a law that can help you with both concerns. It is called the Married Woman’s Property Act 1874 (MWP Act).
The MWP Act is a law that was put in place to safeguard the property and income rights of married women. This applies to all married women, regardless of their religion, caste, or community.
What is the MWP Act, and how does it work?
The MWP Act of 1874 aims to empower married women and give them legal recognition as independent property owners. Before this Act, married women were considered dependent on their husbands and did not possess rights over their property without their husband’s consent. They also did not have the right to file lawsuits in a court of law using their name. There was also no provision for married to claim their wages or inheritance as their own.
The MWP Act ensured married women get equal rights and privileges to unmarried women regarding their property matters. According to the MWP Act:
- Any wages, earnings, money, or property acquired or gained by a married woman from any employment, occupation, trade, or contract carried on by her (not by her husband) are her separate property.
- Any property that belongs to a married woman at the time of her marriage or which she acquires after her marriage by inheritance, gift, purchase, or otherwise is her separate property.
- Any savings or investments a married woman makes from her separate property are her separate property.
- The husband cannot acquire any interest in any such separate property of the wife by marriage.
- Any creditor or claimant of the husband or his estate cannot claim the separate property of a married woman.
- A married woman can buy, sell, transfer, mortgage, lease, or dispose of her separate property without her husband’s consent.
- A married woman can get into any contract, can sue or get sued in her name, and enforce any claim or liability regarding her separate property.
Why you should protect your policy under the MWP Act, 1874
Protecting your life insurance policy under the MWP Act can safeguard it from various risks, including:
- Your husband does not get the right to claim the death benefit as his own, which ensures your children or parents receive their rightful share.
- Your husband’s creditors cannot attach or seize the death benefit to recover their dues from him or his estate.
- Your husband’s relatives cannot create dispute or challenge the death benefit, minimizing chances of legal hassles for your beneficiaries.
- You can divide the proceeds of the policy among the beneficiaries per your requirements when you buy the policy.
How can you use the MWP Act to protect your life insurance policy?
To ensure that the intended beneficiaries get the policy proceeds without risks and hassle, protecting the policy under the MWP Act to make it your separate property can be beneficial. Section 6 of the MWP Act provides that when a married woman buys a life insurance policy and makes her parents, husband, and children the beneficiaries, the policy and its benefits are her separate property legally.
To enjoy the benefits of a life insurance policy under the MWP Act, you need to follow these steps:
- Fill up a special form called MWP Addendum along with the regular proposal form while buying the policy. The MWP Addendum is available to all insurance companies and agents.
- Mention your husband and children as the beneficiaries of the MWP Addendum. You can also mention your parents or siblings as beneficiaries if you wish. You cannot mention anyone else as beneficiaries under the MWP Act.
- Submit the MWP Addendum, the proposal form, and other documents to the insurance company.
- Pay the premium for the policy as per the terms and conditions.
Once you buy a life insurance policy under the MWP Act, you cannot change the beneficiaries during its term. You also cannot assign or transfer it to anyone else. You can only surrender it if all your beneficiaries agree to it.
Conclusion
The MWP Act is a powerful legal tool that can help you protect your property and assets as a married woman in India. It can also help you secure your life insurance policy and ensure that your family gets the full benefit of it in case of an unfortunate incident. By using the MWP Act, you can enjoy financial freedom, peace of mind, and empowerment in your life.
