MWPA 1874 was created to secure the assets owned by a woman against her husband, his creditors and relatives. MWPA policy can only be purchased by a married man. The Section 6 of the MWP Act covers life insurance plans.
A divorced or widower can also purchase the policy endorsed under MWPA, in such case beneficiary can only be the children.
The policies can only be endorsed under MWPA while purchasing the policy.
As per MWPA, every insurance policy that’s covered under the MWPA is automatically considered as an individual trust with the beneficiaries as trustees.
The beneficiaries mentioned in a policy issued under the MWPA cannot be amend after the policy is issued. Even after the husband and wife divorce after the policy is taken, the beneficiaries (wife and/or children) will continue to remain the same.
Policy holder cannot take any loan against the policies endorsed under MWPA. In case of surrendering the policy, the cash value will go to the beneficiary only. Maturity of such policy would go to the beneficiary only.