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The Married Women’s Property Act or MWPA ensures that only the spouse and the children of the policyholder receive the sum assured upon the death of the policyholder. The policy cannot be claimed by relatives or creditors as it is a separate trust meant for the wife and children only.
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As per Section 6 of the Married Women’s Property Act, 1874, a married man can buy a term insurance plan to safeguard the financial future of his spouse and children. Any insurance policy taken by the husband on his own life and endorsed under the MWPA will always be his spouse’s and children's property. Neither the husband's creditors nor his parents will have any right over the policy. Once a plan is purchased under the MPW Act, then it may not attached by courts for debts repayment. Only youe children and wife will be liable to the sum assured in the event of your death.
Rean on to know more to get a complete understanding of MWPA.
Note: Now that you know that What is MWPA, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
Buying term insurance plan is one of the ways to safeguard your family’s financial stability in your absence. But have you ever wondered what if your family could not get access to the benefit, especially when it’s their sole backup?
To avoid such a situation where your family will not be able to avail of any benefit of your insurance policy, you can buy term plan under MWP Act. With this, you can ensure that the benefit of your policy will only be given to your wife or children. Your creditors, relatives, or anyone else will not be able to claim any benefit.
Let us understand the importance of the MWP Act with an example:
Suppose Mr. Aryan had bought a term insurance policy to safeguard his loved ones' future. After his sudden demise, the bank from where he had taken a home loan approached the court to clear the outstanding loan with policy proceeds. Unfortunately, the policy amount was given to the bank and his family was left with nothing.
Had he taken a policy with MWPA, the bank would have lost the case and the policy proceeds would be given to the spouse of the child, enabling him to secure their future financially.
The nominee of the policies covered under the Married Women’s Property Act can be:
Your Spouse
Your Children
Your Spouse and Children
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The following persons should unquestionably choose life insurance endorsed by MWP Act?
Individuals who wish to protect their wife’s and child’s financial future.
Salaried individuals, business people, and others with outstanding loans and debts
People who wish to guarantee that only their dependents get the insurance benefit in their absence
Having a term insurance policy under MWP Act ensures that the policy you bought for your loved ones is beneficial for them. With this act, the beneficiaries (wife and/or child(ren)) will be legally entitled to avail of the death benefit after your demise. Once the policy has been issued, it will not be considered the policyholder’s property and cannot be included in his will. Moreover, no creditors or lenders can make any claims.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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