The Constitution of India has many provisions to protect the rights and interests of women. One of these being the Married Women’s Property Act. Let’s try understanding this act and the benefits it provides a little better.
Imagine this scenario, a 40-year-old woman with 3 daughters realizes her husband’s business is running in a loss. He would need a huge loan to help revive it, but he has an insurance policy that is about to mature so the loan will be covered in that and this tough time will pass. But what if things don’t go planned way? What if the business goes bankrupt and the family is left with nothing? Now their greatest hope the policy will also be seized by the creditors. What could she do now? A commonly heard story, isn’t it? To ensure that this isn’t your story you need to know about this act.
What is this Act?
According to the Married Women’s Property Act the earnings of a married woman in India is considered as her separate property (from the citizens of Jammu and Kashmir). An insurance amendment was added in it in 1923 which made the act life insurance relevant. The amendment states that the earnings from the husband’s life insurance policy may not be controlled by the husband, his creditors and not form a part of his estate. This means that if a married man buys a policy with a MWP addendum, the policy cannot be used to repay his debts or any other liability.