GENERAL KNOWLEDGE

Detailed explanation-1: -The beneficiaries defined in a policy that is covered under the MWPA can be your wife alone, just your child or children, or your wife and children together. As a policyholder, you can assign specific percentages of the sum assured to each beneficiary or divide it in equal amounts.

Detailed explanation-2: -What is the Married Women’s Property Act? The Married Women’s Property Act, 1874 (“MWPA”) came into effect to help secure the assets owned by a woman against her husband, his creditors, and relatives. MWP act is applicable for all married women of all religions.

Detailed explanation-3: -Section 6 of the MWP Act lays down that when the husband purchases an insurance policy and makes his wife and children the beneficiaries, the death benefit or any other bonuses arising out of it are to be awarded solely to his wife and children.