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Life Insurance with MWP Act
Are you looking to purchase a life insurance policy to financially secure your wife and children in case you are no more? But what if your wife and children don't get even a rupee out of the proceeds when they need it the most? This can happen if you have an ongoing home loan or a business that has incurred debts. ...Read More
1 Crore Term Insurance@Rs.21/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
:1800-266-9777
Buy Life Insurance with MWP Act and Secure Your Woman's Future
Table of Content
What is MWP Act (Married Women's Property Act, 1874) ?
Under this act, Section 6 highlights it's importance: "a policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate."
Who can opt for insurance under MWPA (Married Women Property Act)?
If you are a resident of India and a married man, you can take an insurance policy under the MWPA. You can also purchase the policy if you are a widower or a divorcee in such a scenario, you may name your children as beneficiaries. However, the benefit can only be availed while taking the policy, and that too if you buy the policy in your own name.
Whom can you name as beneficiaries?
The beneficiaries defined in a policy that is covered under the MWPA can be your wife alone, just your child or children, or your wife and children together. As a policyholder, you can assign specific percentages of the sum assured to each beneficiary or divide it in equal amounts. However, once the policy has been issued, you cannot change the beneficiaries. So when you appoint your wife as the beneficiary and in case you both divorce, your beneficiary (wife) will remain the same.
What else does the MWPA do?
As a policyholder, you cannot take a loan against the policies that are endorsed under MWPA. In case you're surrendering a cash-value policy, the proceeds due upon surrendering will go to the beneficiaries. Also, if you survive the policy term, the maturity proceeds would still be paid to your beneficiaries.
How to take an insurance policy under the MWPA?
The process of getting an insurance plan endorsed under the MWPA is very simple. All you need to do is fill up an addendum along with your insurance application at the time of taking the policy.
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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.
Written By:
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.
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Here's all you should know about life insurance.
We help you to make informed insurance decisions for a life time.
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.
^ Available under Life & Life Plus plan options
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
