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MWP Act - Secure Your Wife's Future

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MWP Act - Secure Your Wife's Future
December 27, 2018
These are times where financial security of your loved ones is of utmost importance and you would not leave any stone unturned to ensure that your family stays protected and financially covered even in you absence. Building a financial base for life is a matter of many factors and there may be times when you may have to borrow from creditors. After all, investment modes are varied and diverse in nature and you may have invested your funds in a market-linked option and may have had to take the funds on credit sometimes. These loans, taken sometimes from friends or even relatives are basically liabilities which need to be addressed on priority basis. Thus, these are two parameters – the need for saving the financial future of your family and the debts that you may be in. Now, when these two things are viewed in parallel, the context of the negative impact that these debts may have on the financial future of your loved ones becomes clear.

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.

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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.

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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.

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