Every person wants that after his death, his family should never face a shortage of money. For this reason, people take different types of insurance policies, like term insurance or life insurance. But the problem arises when the policyholder has a loan, and after his death, the bank or other creditors start claiming the insurance amount. In such a situation, the family may have to face a financial crisis. This is why it is very important to know about the Married Women’s Property Act, i.e,. MWPA.
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What is MWPA, and why is it important
MWPA, i.e., Married Women’s Property Act 1874, is a provision under which any married man can secure his life insurance policy in the name of his wife and children. When an insurance policy is taken under this law, then neither any bank has a claim on its amount nor is it affected by relatives or any legal dispute. Its direct benefit is that after the death of the husband, the entire amount of insurance reaches the account of the wife and children without any delay.
Why is just nomination not enough
Usually, people think that by making a nomination in insurance or writing a will, the money will be safe, but this is not true. Nomination only tells who will get the money, but does not guarantee the real ownership. On the other hand, the will has to be proved in court, and this process can be long and controversial. In comparison, MWPA makes the wife and children the legal real owners, and there is no interference from any third person in it.
Who can take advantage of MWPA?
The benefit of MWPA can be taken only by married men or those men who are about to get married. The role of women is also very important in this provision. Women themselves should come forward and get this information and ensure that their husbands’ new insurance policy is taken under MWPA.
How do women get rights from MWPA?
MWPA law is a strong protection shield for women and children. Because of this, the insurance amount is considered only for the wife and children. Any debt or legal dispute of the husband does not affect this amount. This means that even in a crisis, the financial future of the family remains secure.
Why is there a lack of awareness?
In India, it is estimated that less than 10 percent of life insurance policies are taken under MWPA. The biggest reason for this is the lack of information. People often think that nomination and will are enough, while real security is provided only by MWPA.
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Women’s empowerment and financial future
MWPA is not just a legal provision but a guarantee of financial independence and security for women and children. When only 30 to 40 percent of women in the country still have a share in the property, while the share of men is about 80 percent, such laws take women a step forward towards equality.