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Married Woman Property Act, 1874

Consider the case of Mr. Rajesh Sharma who had bought a term insurance plan to financially secure his family. However, his wife and children did not get any money upon his death. This happened since Mr. Sharma’s money was claimed by his creditors for repayment of his debt for an active home loan.

You can ensure the financial protection of your family by buying a life insurance policy under the Married Women’s Property Act, 1874. Protection under MWPA act can be opted for only at the time of purchase of the policy and not at a later date.

What is the Married Women’s Property Act?

The Married Women's Property Act, 1874 (“MWPA”) came into effect to help secure the assets owned by a woman against her husband, his creditors and relatives. MWP act is applicable for all married women of all religions.

As per Section 6 of the Act, “a policy of insurance will come into effect by any married woman on her own behalf and freely of her husband. Moreover, all the benefits, therefrom, if expressed on the face of it to be so in effect, must make sure as her discrete property, and the agreement evidenced by this policy must be valid as if made with an unmarried female.”

List of Plans Covered Under Married Women’s Property Act, 1874

InsurersTerm PlanClaim Settlement RatioMax Maturity AgePremium (for a cover of 1 crore)
ICICI PrudentialiProtect Smart Lumpsum98.6%85 yearsRs. 1017/month
HDFC LifeHdfc Click2 Protect 3D Plus99%85 yearsRs. 1023/month
Max LifeOnline Term Plus One Time Lumpsum Plan98.7%85 yearsRs. 914/month
Aegon LifeiTerm96.5%100 yearsRs. 828/month
Tata AiaTata Sampoorna Raksha Lumpsum99.1%100 yearsRs. 1001/month
PNB MetlifeMera Term Plan-Full Lumpsum payout96.2%99 yearsRs. 955/month
Kotak LifeKotak e-Term Plan97.4%75 yearsRs. 976/month
Aditya Birla Sun Life InsuranceABSLI DigiShield Plan97.1%85 yearsRs. 1037/month
Aviva Life InsuranceAviva iTerm Smart96%80 yearsRs. 842/month
Aegon LifeiTerm Life Protect96.5%100 yearsRs. 757/month
Aviva Life InsuranceiLife Total Protect96%75 yearsRs. 971/month
Edelweiss TokioZindagi Plus+ Lump sum97.8%80 yearsRs. 780/month
LICeTerm Lumsum plan98%70 yearsRs. 19432/year
Reliance Nippon Life InsuranceReliance Digi-Term97.71%75 yearsRs. 890/month
Reliance Nippon Life InsuranceEnhanced Life Secure97.71%75 yearsRs. 1414/month
IDBIIDBI Federal iSurance Flexi Lump Sum Plan96.2%80 yearsRs. 1013/month
Bajaj AllianzeTouch Lump Sum95%75 yearsRs. 1128/month
Exide LifeExide Life Smart97%65 yearsRs. 1331/month
India Firste-Term Plan94.2%75 yearsRs. 780/month
DHFLDHFL Life96.6%75 yearsRs. 912/month
Canara HSBC OBC Life InsuranceiSelect Lumpsum95.2%75 yearsRs. 796/month
SBI LifePoorna Suraksha96.8%65 yearsRs. 2987/month
Future GeneraliFuture Generali Flexi Online Term-Lumpsum95.2%75 yearsRs. 885/month
SBI LifeeShield96.8%80 yearsRs. 1125/month
Bharti Axaonline term + Lumsum97.3%85 yearsRs. 900/month

How does MWP Act Protect my Family?

If you are a salaried person with a home/personal loan or the owner of a firm and have accumulated liabilities in the form of debt, your creditors will have the first claim on your policy proceeds in the event of your death.

The term policy under the MWP Act will be considered as a trust. In case of a death claim, the proceeds are handled by the trust and can only be claimed by the trustees. It cannot be claimed by creditors, relatives or form a part of the will. The trust shall be holding the claim proceeds for the benefit of the wife and/or child(ren). Hence, the financial future of your wife and children is protected.

When you buy term insurance online under MWP Act, your wife and/or children will be the only ones who will have access to the claim amount – enabling you to secure their future financially.

The beneficiaries (wife and/or children) once mentioned in the policy remains unchanged throughout the term. 

Who Should opt for MWP Act?

  • Businessman and salaried individuals with loans or liabilities.
  • People who want to protect their wife/children from creditors/relatives who might have fraudulent intentions.
  • People who live in a joint family setup where there could be several complications in the ownership of property and money. 

Married Women’s Property Act - FAQs

Q: Can I assign a policy under MWP Act?

Ans: No, a policy covered under MWP Act 1974 cannot be assigned to someone else.

Q: Can I take loan under a policy under MWP Act?

Ans: No, a loan cannot be taken under a policy covered under MWP Act 1974. 

Q: What happens if my term insurance contract is covered under MWPA act and my wife passes away before me?

Ans: If your beneficiary (wife) passes away before you, the legal heir of the policyholder shall be eligible to receive the claim amount. 

Q: Can I have more than one plan under MWPA?

Ans: Yes, you can have more than one plan under the MWPA act.

Q: Can I assign my existing life insurance policy under MWPA act?

Ans:No. Once a policy has been issued, it cannot be assigned under MWPA at a later date. You have to opt for MWPA only at the inception.