What is the MWP Act?
MWP Act refers to the Married Women’s Property Act. This was created in 1874 with a motive to protect the interests of married women over the property. In 1923, there was an amendment to this Act which states that the proceeds of the insurance under this Act would belong to beneficiaries who would-be wife and children.
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What is Section 6 and what it implies?
Section 6 of the Married Women’s Property Act (MWPA) was drafted to include Life Insurance Plans.
In such a scenario, the proceeds from the Insurance policy would be protected from the
- Creditors
- Court orders
- Tax orders issued
What are the Benefits?
Interests of the beneficiaries (wife and children) are protected and it is guaranteed that wife and children would have the right to the proceeds.
Stay tuned for our upcoming videos on GST for small business…….
Will vs Nomination vs Joint Holding – https://www.youtube.com/watch?v=x85u7…
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