RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Importance of buying Term Insurance Policy under MWP act

down-arrow
March 16, 2019
With the rise in individual participation and women’s rights around the world, the clarion call for women’s financial independence and freedom has already been given. As her spouse and equal partner, you have an equal responsibility of ensuring that a proper financial base for your wife is built which can cover her for the entire duration of a lifetime. While ensuring that such a base is built, there may be times when due to non-availability or any other contingency of funds, you may have to borrow from certain creditors. In any case, investment options are unlimited and must be utilized for ensuring complete benefit over a period of time.

Life insurance serves as a basic protection that entitles the policy holder’s dependent spouse and your children to receive the main policy fund (i.e. the sum assured) in the event of the policy holder’s demise. However, if proper care is not taken at the very outset, the entitlement of your spouse or children may be severely impacted or even nullified. This is because the proceeds from the insurance claim may be taken over by those whom you owe the money. Therefore, the very purpose of purchasing the life insurance policy may be defeated. As a safeguard against this, you must be sure to specify at the time of purchasing the policy that you wish to purchase the policy under the provisions of Married Women’s Property Act, 1874 (MWP Act, 1874).

You don’t have to fill any separate or elaborate forms for this provision. In fact, this clause is given in the beginning of the policy application and all you have to do is to check the option. Then you just have to fill in the basic details of your wife and your children. It must be noted that the provisions of MWP Act are meant exclusively for your wife and you cannot add any other dependent relatives in this clause. Once added, you can check the details and confirm. Basically MWP Act serves as a guarantee for the financial rights and security of your wife. It entitles her as the sole beneficiary (with the dependent kids) and makes her the heir to the proceeds of the total benefit (i.e. the sum assured) of the insurance policy. This claim cannot be over ridden in the event of any dispute with the creditors and even in the court of law, is seen as the guarantee in favor of the policy holder’s wife.

HDFC Life offers various term insurance plans that seek to secure the future of your loved ones and allow you to lead a stress free life. These plans are formulated for financial inclusion of your family and for enriching your financial portfolio. For details, click on the mentioned link: https://www.hdfclife.com/term-insurance-plans.

Related Articles:

Show Full Article
Hide Full Article

Buy Term Insurance Plan

 

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Why Is Insurance Necessary?

Why Is Insurance Necessary?

Learn the essentials of what is insurance, its types, benefits, and how it protects your finances. Get insights into life and general insurance policies today.

How to Take a Loan Against Life Insurance Policy?

Who is the Insurer and Insured?

Blue Chip Fund

"Blue chip fund invests in stocks / shares of well-established companies with credible financial performance, market capitalization & steady payout of dividends."

Blue Chip Fund
All You Need to Know about ULIP Charges Previous
Insurance tips when you get divorce Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches