The Married Women Property (MWP) Act is a legislation that aims to protect the assets of women from the claims of creditors. The act allows a cover to married women from income tax demands and court attachments if their husband goes bankrupt or passes away. The act also protects all life insurance policies issued under it from such claims or attachments.
Who can buy a policy under the MWP Act?
Only a married man can buy a policy under the MWP Act for the benefit of his wife and children. A divorcee or a widower can also buy a policy under the act for the benefit of his children.
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