Married Women's Property Act, 1874

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

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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.