- MWPA formulated in 1874
- Related specifically to Insurance policies to protect the Intrest of the Spouse and Children.
- Policy under the Act, is free from any type of Encumberences in any situation.
- The policy is a asset (TRUST) for the spouse and/ or the Children.
- Cannot be attached in case of insolvency or default by any creditors.
- The proposer has NO RIGHTS on the policy and it is a deemed asset in the name of the wife.
- The only way the policy can be attached is thru an act of parliament which can NEVER happen.
- On contracting the objective of Insurance should state - Policy under MWPA- 1874
- NO Nomination to be filled. A separate form under Section 6 of MWPA should be filled.
- Nomination can be Wife or Wife and Children or Children only.
- All other benefits of IT (80 c and 10 ( 10 D) apply.
Eg: TELGI- Took a policy under MWPA and now though he is arrested and property attatched, his family enjoys same life style by surrender cash value of the policy.