10/04/2021
What is MWPA?
Married Women Protection Act.
What I have to do with it?
This act came into effect to protect properties owned by women from relatives, creditors, and even from their own husbands.
Later in the early '90s, even Insurance policies were also made part of this act where any individual can protect their complete beneficiary rights over claim amount in event of death of proposer.
For Example
Mr. Mehta was a hard-working businessman, due to the prevailing Covid situation he met unfortunate death.
Mr. Mehta left his wife and two children in deep grief.
Mr. Mehta knew Life is unpredictable, and so he bought Life insurance of 1crore to protect his family financially.
But this insurance did not prove beneficial for his family post his death.
If he had insurance, he had debts too for his personal and business purpose, and all creditors, banks were ready to move the court for repayment of loans through this insurance amount.
Hence this insurance which was supposed to support and help his family with financial needs was taken away.
If Mr. Mehta took Life insurance through the MWP act then the story would be that his family would receive the entire claim benefit. No banks, no creditors, and also No court can take the decision to take that money for loan repayment purposes. No other family person or outsider other than the beneficiary can take advantage of the claim amount.
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