Prices Increasing soon Prices Increasing Soon

How I Can Secure My Wife's Future with MWP Act?

Starting a family is a big responsibility. While people consider purchasing term insurance to financially protect their wives and children in case something were to happen to them. But, what if your loved ones could not get access to the policy benefits, especially when it is their only financial backup fund? This happens in case you have an ongoing business or home loan that has incurred debts. In such cases, the life cover can be claimed by your creditors or lenders for debt repayment.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

However, you can avoid this case simply by purchasing a term insurance plan under the Married Women’s Property Act, 1874. Let’s understand the MWP Act details and how your family members, especially your wife can get benefit from it:

one crore term plan

Term Plans


Life Cover

@ Starting from ₹ 16/day+


Life Cover

@ Starting from ₹ 8/day+


Life Cover

@ Starting from ₹ 12/day+

What is the Married Women’s Property Act, 1874?

The Married Women’s Property (MWP) Act states that the earnings of an Indian married woman are her own property. This act is involved under the life insurance plan purchased by any man and states that money received by a wife from the plan is her property and it can’t be used to repay the liabilities of her husband.

According to the section 6 of the Married Women’s Property Act (MWP):

  • An Indian married man can buy a term plan under his name to provide benefits to his wife or children.

  • The beneficiaries mentioned in the term policy will receive the life cover amount upon the policyholder’s death.

  • The plan benefits will not be attached or are in control of the policyholder

So, purchasing a term insurance plan under this act can save your wife and children from the financial burden of debts and any family disputes.

Who all are Covered Under The MWP Act?

The MWP Act of India enabled you to purchase a term insurance policy that covers the financial needs of your dependents in case of any unforeseen event with you. The nominees under this act can be:

  • Your wife only

  • Your children, both natural and adopted one

  • Your children and wife together

While purchasing the plan under MWP, you can add trustees. As per the MWP Act, multiple people can be trustees, including any financial bank/institution or your nominees. It is not important to include any trustee in an application and you are allowed to change the name of the trustee anytime. If you select to have trustees in your form, then you have to submit the proof of their consent along with the application form.

one crore term plan

Secure Your Family Future Today


Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Who can Buy Term Insurance Policy Under MWP Act?

Any individual who is an Indian resident can avail of a term life insurance policy under the Married Women’s Property (MWP) Act. Divorcees or Widowers can purchase this plan under MWPA also to make sure that the benefits will be provided to the children.

You can buy the term plan under your name so that your children and wife can get the benefits under it. Additionally, if the wife and husband get divorced after availing of insurance under MWPA Act, the beneficiaries chosen at the time of policy issuance remain unchanged. This means, that no other creditor or relative can claim over the payout of the policy.

What are the Features of the MWP Act?

  • MWP Act came into effect to make sure the safety of ownership of property, earnings, and any other investments done by a married woman.

  • This secures the properties of married women from her in-laws and creditors or lenders (if any)

  • The plan cannot be reversed. This means that a wife cannot buy a plan in the name of a husband under this act.

  • Neither the husband nor any other relative can get any interest in the property of his wife

Let’s understand this with the help of an example:

Raman runs a tiles business and has taken some loans for his business. He bought a plan under the MWP act and appointed his wife as the beneficiary. After a few days, he passes away in an accident. Now, the creditors who gave a loan to Raman approached the courts to pay back from their family assets.

Although a number of assets owned by Raman were attached by the court to settle the debt, they cannot attach MWP Policy. The entire proceeds of the policy can only be used for the benefit of Raman’s wife and children.

Who Should Buy MWP Act, 1874?

Following are the individuals who should buy term life insurance under the MWP Act:

  • Policyholders who want to protect their children and wife’s claim on the proceedings of policy

  • Businessmen, salaried persons, and other individuals who have pending loans, debts, and liabilities in their name

  • People who want to make sure that their dependents receive the payout when he/she is not with them

How To Buy Term Insurance Plan Under the Married Property Act, 1874?

Purchasing a term insurance policy under MWP Act is quite an easy process.

  • At the time of filling out the insurance documents, you will get a question if you want to buy a term plan under MWP

  • Then, Select Yes

  • After selecting this option, provide information related to your nominee, which includes the date of birth, name, percentage of share, and your relationship with the nominee.

  • The term plan under the MWP allows your children and wife to be your nominees.


  • Is it Possible to assign or avail of a loan on my term plan under the MWP Act?

    Ans: No. You are not allowed to appoint someone or avail a loan against your plan under MWP Act.
  • Can I surrender the plan covered under MWP Act?

    Ans: Yes, you can surrender the plan but it should be signed by the policy’s beneficiaries. The profits of the policy will be given to the life assured for the beneficiary’s benefits.
  • Can I change the beneficiary if I assign my wife as my beneficiary and we get divorced?

    Ans: No, you do not have the option to change the beneficiary.
  • What will happen if my wife is a beneficiary and she dies before me?

    Ans: In case of your wife’s demise, your legal heir will get the policy benefits. It is always suggested to nominate more than 1 beneficiary
  • Can I avail more than 1 plan under MWP?

    Ans: Yes, you can avail of more than 1 plan under MWP but they are required to be registered individually.
  • Can my parents be nominated as beneficiaries under MWP?

    Ans: No, you cannot nominate your parents as beneficiaries. The MWP Act only provides coverage to you and your wife.

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
16 Apr 2024

Term Life Insurance in Haryana 2024

Haryana, meaning Forest Land of Hari, is an Indian state that

Read more
16 Apr 2024

Term Insurance for Maharashtra

Maharashtra, a state filled with lively cities and beautiful

Read more
11 Apr 2024

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and

Read more
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
19 Mar 2024

Kotak Term Insurance Login

Kotak Life Insurance is one of the leading insurers offering a

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
Download the Policybazaar app
to manage all your insurance needs.