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

Buy Life Insurance with MWP Act and Secure Your Woman's Future

down-arrow
Buy Life Insurance with MWP Act and Secure Your Woman's Future
February 20, 2024

Table of Content

 

 

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. In such a situation, the sum assured can be claimed by your creditors or attached by the court for repayment of your debts. But there's good news: You can avoid this by simply buying your life insurance policy under the Married Women's Property Act, 1874.

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.

Show Full Article
Hide Full Article

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.

Who is the Insurer and Insured?

Who is the Insurer and Insured?

The essentials of insurance, including the roles of the insurer and insured, in this comprehensive guide. Learn how these relationships shape your financial security.

What Is Insurance?

Blue Chip Fund

Diversified Equity Mutual Funds

Diversified Equity Fund diversifies the investments across the stock market in a bid to maximize gains for investors. Click here to know meaning & benefits of diversified equity fund.

Diversified Equity Mutual Funds
Difference Between Participating and Non Participating Insurance Previous
What is Opportunities Fund 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